Bloomberg senior commodity strategist Mike McGlone has recently opined that Bitcoin BTC/USD and Ethereum ETH/USD will lead to the most crypto gains after the recent price dip.
In an interview, McGlone said that the Federal Reserve’s interest rate hikes are more detrimental to the U.S. stock market long-term than proven digital assets like BTC and ETH.
“Overall, the volatility of these nascent crypto assets, most notably Bitcoin, has declined versus the stock market. That’s what happened with Amazon when it first came out. Its volatility in 2009 was the same as with Bitcoin right now,” he said.
“Investors are looking forward to the future – do you want to miss out on this revolution?”, McGlone questioned and said, “That’s what I see happening. There are a few selling offers in the stock market and bids below in things like Bitcoin and Ethereum.”
McGlone believes that despite BTC recently dipping below the $30,000 level, it’s not the only asset class in decline.
“It’s going down with the ebbing tide with all risk assets. What happened to the S&P 500 this week? It finally got below 4,000 for a while,” he said.
At the time of writing, Bitcoin was trading at $30,074, down almost 13% down in the last seven days.
Ethereum was trading at $2,078.29, losing over 18% in the last seven days.
“For the first time in about two years, both Bitcoin and the S&P 500 came back to the 100-week moving averages…. The asset that went up the most over the past five-ten years will return as the Fed hammers the punch bowl… It’s more likely to come out ahead,” McGlone added.
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