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Bitcoin and Ethereum Will Outperform Stocks as Risk Asset Prices Plunge, Bloomberg Strategist Says — Here’s Why

Mike McGlone, an analyst at Bloomberg Intelligence, says it’s the top twocryptocurrencies to market capitalization that will lead to the biggest gains after the recent price drop that affected all asset classes.
In a new interview with Yahoo Finance, McGlone points out that the Federal Reserve’s rate hikes are more damaging to the US stock market in the long run than tried-and-true digital assets like Bitcoin (BTC) and Ethereum (ETH).

“The most important thing to remember if the stock market keeps going down, which is probably because the Fed needs it to go down and the inflation To reduce, Bitcoin and Ethereum will go down, but they will come out ahead.

Overall, the volatility of these emerging crypto assets, particularly Bitcoin, has continued to decline versus the stock market. This is what happened at Amazon when it first came out. Its volatility in 2009 was the same as Bitcoin is now.”

McGlone says cryptocurrencies represent the next revolution on par with Amazon and other market innovators and winners of the 2000s and 2010s.

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“Investors are looking forward to the future – do you really want to miss out on this revolution?

That’s what I see. A bit of sell offers on the exchange and bids down in things like bitcoin and ethereum.”

At the time of writing, Bitcoin is up from its weekly lows under $27,000 after falling from over $36,000 a week ago. It’s currently up almost 5% in the green and costs $29,843.

McGlone notes that while BTC has slipped past $30,000, it isn’t the only asset class on the decline.

“It goes under with the ebb with all risk assets. What happened to the S&P 500 this week? Finally it was below 4,000 for a while.

For the first time in about two years, both Bitcoin and the S&P 500 returned to the 100-week moving averages…

The asset that has risen the most over the last five, 10 years will come back when the Fed hits the punch bowl… It’s more likely to come out on top.”

Ethereum is also recovering after regaining the $2,000 level after falling to $1,824 on Wednesday.

ETH is up 6.83% to trade at $2,047.

Check the price action

Source: Crypto News Deutsch

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