“Bloomberg Intelligence analyst Mike McGlone says it’s the To[ 2 cryptocurrencies by market cap that will lead to the most gains after the recent price dip that affected all asset classes” — Paul Ebeling
In a new interview Mr. McGlone pinpoints the Fed’s interest rate hikes as being more detrimental to the US stock market long term than proven digital assets like Bitcoin and Ethereum.
“The key thing to remember if the stock market keeps going down, which is likely because the Fed needs it to go down and reduce inflation, Bitcoin and Ethereum will go down, but they’ll come out ahead.
Overall, the volatility of these nascent crypto assets, most notably Bitcoin, has continued to decline 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.”
Mr. McGlone says cryptocurrencies represent the next revolution on par with the likes of Amazon and other Y 2000s and 2010s market innovators and winners.
“Investors are looking forward to the future – do you really want to miss out on this revolution?
Have a healthy, prosperous weekend, Keep the Faith!