Mike McGlone, Bloomberg’s senior commodity strategist, has made a bearish statement on the world’s largest cryptocurrency, Bitcoin.
In this current situation, Bitcoin has been correlated with the Asian stock market.
McGlone's bearish Bitcoin outlook
Bloomberg’s expert shared a chart to show that Bitcoin is currently moving together with the Hang Seng Index. They have been crossing the chart in tandem, with BTC mirroring the moves of the index almost identically.
Hang Seng is a leading stock market index in Hong Kong, which tracks daily changes in the biggest local companies that are listed on the Hong Kong Stock Exchange. The Hang Seng Index is the major indicator of how well the Hong Kong stock market performs overall.
McGlone believes that the bottoms of this index and Bitcoin may be found lower than now, therefore, their downside movements might continue before they reach their nadirs.
Bitcoin, Hang Seng Bottoms May Be Lower - Similar patterns in #Bitcoin and the Hang Seng Index could suggest further downside reversion before reaching nadirs.The full report is on the Bloomberg terminal here: https://t.co/TaKiYLDbYK {BI COMD} #commodities #cryptos #stockmarket… pic.twitter.com/D0IQNX2Ppu
— Mike McGlone (@mikemcglone11) September 13, 2024
Earlier this year, McGlone tweeted that this year gold may outperform its digital analogue, Bitcoin.
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Stop saving dollars, buy Bitcoin: Robert Kiyosaki
Prominent financial expert and author of the famous book on financial literacy “Rich Dad Poor Dad,” Robert Kiyosaki, endorsed Bitcoin in a recent tweet.
Kiyosaki stressed the continuous increase of the U.S. national debt. The expert reminded the community that this debt has recently been increasing by a staggering $1 trillion every 100 days.
The bond market is crashing. Do you realize the world economy is based on debt? A bond is debt, and the whole world is floating on it, and this collapse signals deeper economic troubles. While market crashes are visible, banking crashes are hidden and much more dangerous. It’s…
— Robert Kiyosaki (@theRealKiyosaki) September 9, 2024
He also pointed out that the interest on this debt is currently the biggest expense in the country – more than $1 trillion per year. “The dollar is trash,” he tweeted, “stop saving dollars...start saving Bitcoin...real money.”
Kiyosaki also believes that aside from Bitcoin, it is worth adding gold and silver to one’s portfolio since all three are safe haven assets that can help one survive hyperinflation.
