Bitcoin’s transition to a risk-off asset will propel it to $100K in 2022, says Bloomberg analyst

Bloomberg expert Mike McGlone is convinced Bitcoin is connected way to scope $100K successful 2022, arsenic it completes its modulation from a risk-on to risk-off asset. 

While the Fed is readying to rise involvement rates successful bid to combat inflation, risk-on assets similar crypto whitethorn suffer, arsenic radical would likley similar to put successful fixed-income assets similar bonds.

While this inclination whitethorn correspond a short-term hurdle, McGlone said helium is assured that Bitcoin volition inactive admit importantly successful 2022:

“Bitcoin is successful a unsocial phase, I think, of transitioning from a risk-on to risk-off planetary integer store of value, replacing golden and becoming planetary collateral. So I deliberation that's going to beryllium happening this year.”

He said helium considers the existent bearish sentiment arsenic a affirmative sign, indicating marketplace consolidation.

The expert is besides bullish connected Ethereum, fixed its cardinal relation successful providing the main infrastructure for decentralized concern and NFTs. He is besides convinced that USD-backed unchangeable coins volition proliferate successful 2022.

McGlone’s outlook for the wide crypto marketplace is not arsenic optimistic, though, fixed the ample fig of speculative bets among altcoins.  

“Simple rules of economics bash not favour prices of a marketplace wherever there's an unlimited proviso and easiness of entry. That's the crypto market”.

To find retired much astir McGlone's crypto outlook for 2022, cheque retired the full interview connected our YouTube transmission and don’t hide to subscribe!