The Next 2 Months Will Be MASSIVE For Bitcoin… – Mike Mcglone

“The Next 2 Months Will Be MASSIVE For Bitcoin…” – Mike Mcglone

Along with bitcoin we’re gonna get that deflation we’re just not going to get the easy money until the whites of the eyes of a clear global recession are in our faces unfortunately hey guys welcome back to library of wealth today we have senior commodity strategist mike mcglone giving us his market outlook for the stock and crypto market as well as what we can

Expect from the fed in the next few months mcgloan believes that the last quarter of 2022 will likely resume with a recession and pain points that mimic the crash of 1929. mcgloan also believes that bitcoin is likely to become a risk-off asset in the near future and advises that it’s imperative that people consider the reason why bitcoin has decreased in the

First place he points out that the market has undergone one of the biggest corrections in the stock and bond market in over 40 years as an impending global recession looms on the horizon bitcoin remains a strong indicator of what’s going on in world markets let’s listen to this interview with mike mcglone as he gives his take on bitcoin and his prediction for the

Market at the end of 2022 don’t forget to like and subscribe if you enjoy the content we do here on this channel let’s get right into the video so bitcoin i think it’s a matter of time it appreciates towards that hundred thousand dollar level and at some point it’s going to just slip in and kick into that bull market maybe at the same time gold and treasury bonds

Do in terms of price the key thing right now it’s getting pounded but it’s one of the most discounted it’s ever been on 100 week and 200 week moving average and it’s simple facts of supply demand and adoption looking forward to the next five or ten years supply is going down by code demand and adoption are going up now you cannot really say that about virtually

Any other asset and the planet that’s also in early days of an adoption so the world’s going digital and this is a benchmark digital asset so to me it’s a matter of time and let’s look at relative price i think bitcoin’s building a foundation around 19 to 20 000 like it did around 5 000 in 2018-19 it did get as low as three and here we are nineteen thousand twenty

So that’s what bitcoin does it only goes down after it goes up a lot something has to change that narrative but the world is getting is gaining adoption that space since also i just came back from the webex conference in las vegas and it’s what you see is the typical what i expect is people know this is the fastest horse in the race it’s the most advanced it’s

See also  Senate passes bipartisan gun law, sends it to the House

It’s the rapidly advancing technology you can’t fall behind and you need to be part of it and it’s still such a small portion of global investable assets and i’ll leave with this far as bitcoin and ethereum and cryptos is there sure there’s lots of spec speculation but one thing that this space is doing ethereum is making possible this new technology where the

Most rapidly trading cryptos on a planet is the dollar tokenized dollars people are just starting to get that u.s regulators are just starting to get that the fact that china pushed back on it is also another reason is going to be adopted in this country it has in canada it’s just a matter of time mcgloan believes that people have seen that the fed has become

Increasingly aggressive with a high pace of increased points he learned that when you realize that the information has changed or is incorrect you have to be willing to change your original thesis bitcoin is by far the best return on investment that he has ever seen in his career the u.s i’m i guess a bit of an optimist is not dumb enough to acknowledge this is

Rapidly advancing technology and as i pointed out earlier this technology has adapted the dollar as its base foundation like i said the most widely traded cryptos or not is that bitcoin ethereum it’s the dollar tokenized dollar so us is getting it has all the all the key checks you need to pass in the us it has money votes jobs and it pushes back in china to name

A few so it’s not it’s not messy it’s a sloppy i mean it’s not clean it’s a messy process but it’s happening we do have a bitcoin etf in the us it’s imperfect it’s just a process of that adoption and it’s just a matter of time and you look at what it’s doing to the world it’s somewhat unstoppable except in places where you have authoritarian leaders in autocratic

Systems that can’t adopt to this new technology and that’s where it’s creating a great divide where places like the us are moving forward part of that rapidly advanced in nascent technology it’s like claiming bitcoin’s not a good inflation heads even though it’s the best performing asset on the planet it’s only been around about a decade it’s early days and i don’t

See also  How 6 Million Pounds Of Electronic Waste Gets Recycled A Month | Big Business

Know how much you’re going to adopt it but it’s one of those things it’s unstoppable i mean china’s try to stop and what happens most asians want access to the dollar and they get it through their phones through ethereum tokens or other tokens so bitcoins is part of that space so i look at the technology and that’s part of the reason i’m not bearish gold but you

Got to have bitcoin in that space with gold because it is becoming global digital collateral at the moment bitcoin and cryptos have been pushed to the white site it’s the global macro with the fed and central banks pounding on the hardest they’ve ever done on many cases while the world’s held heading towards a global recession a significant recession this is like

1929. so i fully expect that gold and bonds and cr and bitcoin is going to come out of this ahead but it’s that process and at some point we’re going to get to inflection i’m not saying the fed’s going to ease because they can’t eat like they passed but get to an inflection they have to stop tightening because the pressure’s so bad that um everything’s tilting lower

And the question is what stops it and right now i don’t see anything that stops it and i think it’s going to be one of those things that danielle is going to take one or two days we have a sharp drop in the stock market or something and then the fed’s out of the picture at least for tightening the key thing to remember is they will never ever like they have in the

Past because of the lessons of inflation and too much liquidity the key lesson is you always get you only get dumps major corrections after you have massive pumps and we had the biggest pump in history and now that’s dumping at the greatest pace in history it’s slow moving i’m impatient it’s just going to take time that’s what i point out a year from now i think

The key narrative is going to be deflation and how do we get out of this recession particularly with the numbers like this it’s keeping the fed pounding hard yet everything’s tilting towards recession so it’s a 1929 like scenario but that’s what you expect in bear markets rip roaring rallies rip your face off and bear markets take money from everybody so i think

That narrative is now mainstream um it’s just a question of how much volatility there will be and what can save us and that’s my key theme for literally the last almost three months is i don’t see what saves this ebbing tide of global risk assets most only where all correlations are now starting to head towards the s p 500 you look at the charts now um even even

See also  US Loan/HY Bond Market Analysis - June 2010

Crude oil and commodities are all following the stock market lower the peak this year is actually below that of 2008 in terms of inflation and it’s just looking at the macro bigger picture that i fully expect when we’re speaking this time next year it’s going to be about enduring inflation the different since this time versus almost our entire lifetimes is the fed

Will not ease as easily as it did in the past that’s the big difference i think most equity investors are getting it that’s where i think gold’s going to come out ahead along with bitcoin we’re going to get that deflation we’re just not going to get the easy money until the whites of the eyes of a clear global recession are in our faces unfortunately what we should

Expect now is inflation to decline and expectations for inflation you know to actually start you know inflation actually start under performing expectations which will be because um of a global recession but the markets i think initially take that as a relief because they’ll say oh inflation’s dropping the fed can be doesn’t have to tighten anymore it doesn’t ease

But i think it’s gonna inflation is going to plunge and go back to where it was well before cohen because of this recession mcgloan believes that bitcoin is in a process of recovery as commodities will begin to crash he points out that many currencies worldwide have declined tremendously and that the impending global recession will be severe and ultimately cause

Those markets to collapse he believes with this decline in the market it will also cause bitcoin to shine even though mcgloan holds bitcoin in high esteem and in the lead of the coming bull run he stresses that it’s imperative that people consider holding more than one crypto in their portfolio as markets fluctuate in the world economy changes having a diversity

In cryptocurrency allows for flexibility in considering who the next winners will be what do you guys think about mike mcglone’s opinion for the last quarter of 2022 let us know in the comments below thanks so much for watching don’t forget to like and subscribe this is library of wealth we’ll see you in the next video

Transcribed from video
"The Next 2 Months Will Be MASSIVE For Bitcoin…" – Mike Mcglone By Library Of Wealth