Bloomberg Analyst Says Bitcoin (BTC) Is Undergoing Fundamental Paradigm Shift As US Banking System Fails

Bloomberg Intelligence senior macro strategist Mike McGlone says recent U.S. bank failures are changing the way investors view Bitcoin (BTC).

In a new live stream with Scott Melker, McGlone says more investors are likely to start buying Bitcoin as a valuable alternative asset outside of the traditional monetary system.

“Now I fully expect your average responsive investor to buy bitcoin and dips, and they might brighten on rallies. It’s really switched. Due to the crisis, a fundamental paradigm shift is taking place in this market.”

According to McGlone, bitcoin, bonds and gold are becoming more desirable assets as inflation concerns and a likely recession begin to constrain liquidity.

“We won’t see that reliquefaction like we had in the past because of the lessons of inflation, which will reverberate throughout our lives if ‘reliquefied’ too quickly, too much. So for me the world is going now. And so this is a different environment for things that depend on US stocks. It’s over.

And it’s the recession. So we have to get through this recession. if we don’t get it This is a shock. Just two weeks ago, the probability was higher than ever before on the yield curve. You can’t say it was rejected. So we need to get through this recession to start thinking about risky assets like stocks. But look at what gold and bonds and bitcoin are doing. For me, those are going to be some of the things that people will want to buy in dips when we go into a recession.”

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