The second half of the year could see Bitcoin gain an upper hand when compared to commodities and tech stocks, says Bloomberg analyst Mike McGlone.
In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin isthe upper hand when compared with commodities and tech stocks like Tesla, with the report noting:
“When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets.” McGlone notes that Bitcoin has its lowest ever volatility against the Bloomberg Commodity Index, which tracks the price movements of global commodities such as gold and crude oil, and suggests that historically Bitcoin volatility is more likely to recover as compared to commodities when the crypto heads to new highs.
Bitcoin vs BCOM and Bitcoin 260 day volatility vs BCOM 260 day volatility. Source: Bloomberg Crypto Outlook McGlone suggested the second half of 2022 could see Bitcoin “shift toward becoming a risk-off asset, like gold and US Treasury’s,” following low volatility throughout September and a potential peak in commodity prices., with its volatility making it a risky asset that traders are likely to sell in an environment where investors are looking to reduce risk.
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