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McGloneBloomberg Intelligence’s chief macroeconomic strategist warned that Bitcoin could face major obstacles this year that could prevent its price from growing. cryptocurrency will prevent
McGlone told his 58,800 Twitter followers that a U.S. recession is likely soon, and that such a situation could reduce the value of risky assets like Bitcoin.
Glon also points out that Bitcoin will likely perform similar to how gold did during the Great Recession of 2008; When the value of this precious metal fell by 30% before the rise.
Additionally, McGlone says that if bitcoin can break away from the Nasdaq 100 (NDX), it will likely see wider adoption, helping the king of cryptocurrencies maintain its value during a period of economic downturn.
As Daily Huddle He points out that the approval of Bitcoin exchange-traded funds (ETFs) can help preserve the value of this cryptocurrency during economic downturns; But we don’t know when the US Securities and Exchange Commission (SEC) will make a decision on the pending applications in this regard.
It goes without saying that at the time of writing, Bitcoin is trading at $30,326.
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