Bitcoin ‘Unlikely To Stop Outperforming Gold, Stock Market’

Ethereum

Bloomberg Intelligence commodity strategist Mike McGlone released a fresh perspective on the current state of the market and where Bitcoin (BTC) may be headed.

In a tweet on March 17, McGlone, citing major global developments such as the conflict in Ukraine, inflation and other current macro conditions, argues that 2022 “may be primed for risk-asset reversion” and could ultimately mark Bitcoin’s “maturation” as an established asset class, making the apex cryptocurrency an even more attractive investment proposition.

In his opinion, the commodity expert who remains firm in his believe of bitcoin being on the verge of a major evolutionary shift, also argues that in terms of returns – both gold and the stock market might not be able to keep up with BTC.

It should be noted that as of Dec. 31, 2019, Bitcoin, with a current inflation rate much lower than that of the greenback, has vastly outperformed gold and the S&P 500.

According to an analysis from “The Block”, “[o]ver the last 10 years, gold’s return on investment (ROI) in USD is seeing -0.25% and the S&P 500 is showing +277% today (Nov. 15, 2021). Both these benchmarks pale in comparison to Bitcoin — 437,171% since 2011.”

“Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation,” McGlone wrote.

The forecast followed the Fed’s first interest rate hike in four years, an event that gave a modest bump to BTC’s price, last trading above the psychological level of $40,000.

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About Ron Haruni 1062 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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