Bloomberg analyst Mike McGlone claimed that Bitcoin will benefit from an upward move in stock and bond prices.
Mike McGlone, senior asset strategist at Bloomberg, commented on the potential of Bitcoin. Defining Bitcoin as a remarkable asset that has limited supply and will benefit from stock and bond prices, McGlone made the following comment on Twitter:
“An asset with scarce supply, which should be the primary beneficiary in a period when limited asset potential in stock and bond prices is further increased. The FED’s policy of printing money will also increase the adoption and demand in Bitcoin, which will be reflected in the price. ”
Quantum Economics analyst Jason Deane also noted that McGlone pointed to the difficulty in acquiring Bitcoin compared to other assets such as bonds and stocks and said it was valuable:
“He thinks that this shortage of supply will play a major role in increasing institutional demand and accelerating adoption, which I agree with.”
Institutional investments are starting to come to Bitcoin
As McGlone mentioned in his tweet, looking at the movements of institutional investors can give us an idea of the medium / long term price movement of Bitcoin. For example, in 2013, MicroStrategy CEO Michael Saylor said that Bitcoin days are numbered. Today, the company is investing hundreds of millions of dollars in BTC and even investing all its assets waiting in cash to Bitcoin. As it is known, MicroStrategy bought 20 thousand BTC in August and 16 thousand BTC in September.
Comparing gold and Bitcoin, McGlone stated that the difficulty of producing Bitcoin is constantly increasing and this will go directly proportional to adoption and demand.
McGlone also said, “As of the beginning of 2020, on September 21, gold and Bitcoin have risen 25 percent and 45 percent, respectively. “The stable course of the S&P 500, monetary expansion, uncertainty in state support, fluctuations in the markets accelerated the transition to other currencies”.
MicroStrategy company also showed its perspective on Bitcoin with the following statement:
“Bitcoin is digital gold. Harder, stronger, faster and smarter than the money that existed before that … “