Bitcoin could hit $100K, gold $2K in 2022 thanks to 'deflationary forces' — B...
An about turn and fresh turmoil for macro would play to Bitcoin's strengths, argues Mike McGlone. $100,000 Bitcoin (BTC) and $2,000 gold could greet 2022 as global markets face “deflationary forces,” says Bloomberg Intelligence.In a tweet on Dec. 9, Mick McGlone, a senior commodity strategist at Bloomberg’s research arm, forecast that next year would be good for both gold and BTC."Positive ramifications" for Bitcoin thanks to deflationAs inflation makes headlines worldwide this month, Bitcoin has faced criticism over its alleged role as a hedge thanks to its 39% drawdown from all-time....
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Bitcoin follows what Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, calls an “enduring trajectory”. The benchmark crypto is one of the best-performing assets in history, as the expert said in a recent report, and might be on track to record fresh gains in the second half of 2022. Related Reading: Has Bitcoin Price Found Support At A Decade-Long Trend Line? At the time of writing, BTC’s price trades at $23,900 with a 3% profit over today’s trading session and a 2.4% profit over the past week. The cryptocurrency seems to be trending upwards on the back of a decrease in....
Welcome back to another Bitcoin News in Review, where we feature some of our biggest stories of the week on CCN. This week, we discovered that several gold companies have shown an interest in Bitcoin, that the Mt. Gox saga still isn't over, that Andreas Antonopoulos has left the Bitcoin Foundation, and more. Check out this week's Bitcoin News in Review after the break. Gold Companies are Unsurprisingly Interested in Bitcoin. Is bitcoin the new gold? Bitcoin and gold share many similarities. They are both inherently limited, have to be "mined", are deflationary, and can act as a store of....
Mike McGlone, senior commodity strategist at Bloomberg, is convinced that Bitcoin’s transition to digital gold will propel it to new all-time highs in 2022. Bloomberg analyst Mike McGlone is convinced Bitcoin is on track to reach $100K in 2022, as it completes its transition from a risk-on to risk-off asset. While the Fed is planning to raise interest rates to fight inflation, risk-on assets like crypto may suffer, as people would likely prefer to invest in fixed-income assets like bonds. While this trend may represent a short-term hurdle, McGlone said he is confident that Bitcoin will....
An increase in staked ETH, lucrative yield on liquid staked ETH tokens and deflationary tokenomics are possible bullish factors for Ether’s price. The shift of the Ethereum blockchain to a proof-of-stake (PoS) protocol opened new opportunities for developers and investors to explore, including the burning of Ether (ETH). Now, Ethereum transactions are validated through staking rather than mining.Staking impacts the supply and price dynamics of Ether in ways that are different than mining. Staking is expected to create deflationary pressure on Ether, as opposed to mining, which induces....
CPI data is in line with forecasts but still shows a huge spike, while the long-term consequences for Bitcoin are far from universally positive. Bitcoin (BTC) surged over $1,000 in seconds on Dec. 10 as the United States Consumer Price Index (CPI) data showed inflation in November was worse than anticipated. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNovember CPI conforms to expectationsData from Cointelegraph Markets Pro and TradingView showed BTC/USD running to $50,132 on Bitstamp as the data became public Friday.An hour before the Wall Street open, the pair had already....