Mike McGlone, Bloomberg Intelligence’s senior macro strategist, isn’t convinced Bitcoin (BTC) is ready for a bull market.
McGlone says in a new interview with David Lin that Bitcoin’s price jump in the days following BlackRock’s exchange-traded fund (ETF) application announcement last week has been “hopium.”
Last Thursday, BlackRock, the largest asset manager in the world, submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC).
No Bitcoin spot ETF applications have been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest. The SEC did greenlight the launch of two Bitcoin futures ETFs in October 2021.
Says McGlone,
“We have to hope to get that ETF. It’s probably going to happen now because it’s BlackRock. We’re all thinking that… So I’m big picture macro bullish Bitcoin, but I think the problem is if I’m right about risk assets declining in a normal recession, cryptos are the riskiest assets. Bitcoin’s the least risky [of crypto assets], and I think they still have a lot of downside risk based on my view of a serious US recession.
At some point, Bitcoin’s going to come out of that and trade more like gold and long bonds. Is this the time? Maybe, but it’s got to show me more divergent strength.”
BTC is trading at $29,917 at time of writing. The top-ranked crypto asset by market cap is up more than 6% in the past 24 hours and nearly 20% in the past week.
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