Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’
Bitcoin “may be primed” for a quantum leap in its development thanks to inflation this year, a Bloomberg analyst has claimed.
In a tweet on March 17, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, released a fresh bullish take on Bitcoin’s (BTC) future under the current macro conditions.
Well known for his belief in Bitcoin coming from the latest global financial turmoil out on top, McGlone argued that inflation would ultimately help Bitcoin’s “maturation” as an asset class, claiming it would even beat gold in terms of returns.
“Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation,” he wrote.
An accompanying chart showed Bitcoin’s performance relative to a basket of macro assets.
The forecast followed the first in what the Fed hinted would be a series of key interest rate hikes, an event that delivered a modest but welcome boost to BTC price action.
McGlone, however, was far from alone in his prediction. Arthur Hayes, former CEO of derivatives exchange BitMEX, delivered a stark warning about what was to come for global financial markets in his latest Medium post.
Related: Which tokens should you buy and hodl in 2022? Find out now on The Market Report live
The Ukraine–Russia war, while adding to inflationary pressure, is symbolic because it has shown that even a central bank’s foreign currency assets can be effectively stolen, he argued.
“You cannot remove the world’s largest energy producer — and the collateral these commodity resources represent — from the financial system without serious unimagined and unintended consequences,” he reasoned.
Covering a range of macro topics, the post foresaw a restructuring of the
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