{"id":7186,"date":"2022-09-08T13:57:10","date_gmt":"2022-09-08T13:57:10","guid":{"rendered":"http:\/\/ci02aacb060000262e"},"modified":"2022-09-08T13:57:10","modified_gmt":"2022-09-08T13:57:10","slug":"bloomberg-analyst-bitcoin-is-a-wild-card-set-to-outperform","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bloomberg-analyst-bitcoin-is-a-wild-card-set-to-outperform","title":{"rendered":"Bloomberg Analyst: Bitcoin Is A \u2018Wild Card\u2019 Set To Outperform"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Senior commodity analyst for Bloomberg expects bitcoin to bottom around $20,000.<\/li>\n<li>The Bloomberg Crypto Outlook Report explains changes in the Fed\u2019s tight monetary policy can result in rising prices for bitcoin.<\/li>\n<li>The report cites bitcoin\u2019s dwindling supply as the reason for its likely increase in value over time. <\/li>\n<\/ul>\n<p>Mike McGlone, a senior commodity strategist at Bloomberg, shared Bloomberg\u2019s Crypto Outlook report on <a href=\"https:\/\/www.linkedin.com\/posts\/mike-mcglone-a8442513_bloomberg-cryptos-outlook-sept-2022-edition-activity-6972972055407304705-WlsL?utm_source=share&amp;utm_medium=member_desktop\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a> discussing bitcoin\u2019s next bull run as it relates to the broader economy. <\/p>\n<p>\u201cBitcoin is at a discount within an elongated bull market,\u201d reads the report.<\/p>\n<p>Furthermore, the report explains that it\u2019s only a matter of time before the Federal Reserve has to switch its current monetary policy of quantitative tightening. At which point, bitcoin is poised to be a primary beneficiary due to its under performance in the current market. <\/p>\n<p>In short, once the increase of rates seems to return to normalcy and large amounts of borrowing funds return, large influxes of borrowed cash tends to flow into traditional assets.<\/p>\n<p>McGlone expanded on this thesis in a recent interview on <a href=\"https:\/\/review.bellmedia.ca\/view\/477553461\" target=\"_blank\" rel=\"noopener\">Bell Media<\/a>, stating:<\/p>\n<p>\u201cBitcoin and cryptos are going to keep doing what they do best, outperforming most traditional assets with declining volatility.\u201d <\/p>\n<p>To further expand on the declining volatility of bitcoin, the aforementioned report gave a clear and concise explanation for both the declining volatility of bitcoin and the inevitability of its increasing value over time due to simple economics. <\/p>\n<p>\u201c[Bitcoin\u2019s] volatility is declining with increasing adoption and participation,\u201d reads the report. \u201cThis is happening as the supply is declining, which by the rules of economics means rising prices over time.\u201d <\/p>\n<p>Thus, McGlone sees a bottom for bitcoin as the Federal Reserve changes direction in future monetary policy, which some <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-09\/wall-street-sees-fed-bond-runoff-end-well-before-powell-timeline?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener\">reports<\/a> have suggested will begin to happen early 2023. <\/p>\n<p>\u201cI fully expect bitcoin to bottom out maybe around $20,000 or maybe a bit lower like it did in 2018 and like it did in 2013,\u201d the strategist explained in the interview.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A senior analyst for Bloomberg shared the organization\u2019s Crypto Outlook report explaining why bitcoin will outperform other assets over time.<\/p>\n","protected":false},"author":2785,"featured_media":4418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[76,792,411,2002,93],"class_list":{"0":"post-7186","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitcoin","9":"tag-bitcoin-supply","10":"tag-bloomberg","11":"tag-bloomberg-intelligence","12":"tag-news"},"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/img_4905.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=7186"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/4418"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=7186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=7186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=7186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}