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Mike McGlone, Bloomberg’s senior commodity strategist predicts broader macroeconomic factors to be in favor for both Bitcoin (BTC) and Ethereum (ETH).
In a new report, Mike McGlone says that despite rocky start to 2022, U.S. midterm elections in November and instability in Eastern Europe could have a positive effect on the the top cryptocurrencies as a preferred investment asset:
“Crypto assets may have a lot going for them as US midterm elections approach, notably versus inflation-related commodities.
Typical demand and supply elasticity, and crude prices buoyed by the risk of war in Ukraine, are strong catalysts to refresh oil’s enduring bear market.
It’s the opposite for Bitcoin and Ethereum.”
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Crude oil remains “the most significant commodity,” according to McGlone, however Bitcoin can breakout as supply and demand needs shift.
“Representing advancing technology, Bitcoin is gaining traction as a benchmark global digital asset, while oil is being replaced by decarbonization and electrification.
Bitcoin may be uniquely situated for enduring price appreciation. Well on its way to becoming global digital collateral, the first-born crypto launched a revolution in the digitalization of finance, which appears in its early days.”
The Bloomberg analyst further explains that domestic policy decisions in the U.S. can be beneficial for crypto:
“We expect US policymakers will embrace cryptos with proper regulation and ETFs [exchange-traded funds] for these reasons: dollar dominance, jobs, votes, lots of revenue (tax) and – most importantly – it’ll run counter to China’s antipathy [to cryptocurrencies].”
In conclusion, McGlone says that Bitcoin’s recent rebound to above $40,000 is more “a floor than a ceiling,” and $100,000 could be a possibility.