Crypto traders are poised to FOMO into this asset, says Bloomberg analyst Mike McGlone
Bloomberg’s macro strategist Mike McGlone predicts that a looming recession will see crypto traders start dumping their fortunes into a non-digital asset.
In a new interview with Scott Melker, McGlone says the bear markets are likely not over yet and crypto traders will likely start shifting their investments to gold, which tends to appreciate in recessions.
“Bear markets don’t end like that. I just don’t see it. They don’t end [after] Months of pessimism, but years of pessimism. And that’s what we’re headed for, especially something that has a hundred years of foundations.”
McGlone predicts that crypto investors will turn to the precious metal gold as a safe store of value. He previously said that gold is likely to outperform Bitcoin (BTC) during the potential coming recession.
“The main thing I want to talk a little bit about is the gold/bitcoin ratio. Here is my prediction of the future…
Crypto folks are going FOMO (fear of missing out) in gold — for a while. It’s overdue for that…
You’ll realize, okay, I’ve made so much money. I can get 5% or so in a T-bill, 4%, lock them up, the bear market sets in, there’s a lot of excess in here, and this thing we call Boomer Rocks is going to fulfill itself.”
McGlone predicts a recession is imminent and crypto markets will suffer as investors are also likely to speculate on government bonds, which are seeing rising yields.
“This is the first recession for most crypto traders…
The Fed wants you to lose money. This is the case where we are right now. The Fed wants the stock market to fall. That’s my interpretation. We will see FOMO in gold. We will see a bear market resume in cryptos, that was just the upside. And there’s only one other bull market I see coming, and that’s government bond yields.”
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