Why This Analyst Believes Bitcoin [BTC] could be the “best asset” one can own

Bloomberg analyst Mike McGlone appeared in a recent interview with Kitco News. The interview, which primarily focused on McGlone’s views on the expanding digital asset industry, also included a presentation on the future of these cryptocurrencies. In other news, Bitcoin [BTC] could cause a surprise this weekend.

Bitcoin hits the mark?

The renowned Bloomberg analyst recently gave his two cents on the ongoing crypto winter that has left investors completely stunned. He began by mentioning a “major reversal” seen in risk markets. He was quoted as saying,

“I think what’s going to happen is the big reversal. It’s just beginning. It could be like the aftermath of 1929 [but] I think it will be like the post 2008 era [or] maybe like after the 1987 crash. It’s so overdue, and all risky assets, everywhere from condos in Miami and Toronto to the stock market. It’s just beginning to happen and the biggest inflation in 40 years and in most people’s lives is beginning.”

McGlone went on to say that he considers Bitcoin to be one of the “best” assets, which should be a big boost for the crypto world.

“My outlook is that some of the best assets will be gold, US long bonds and bitcoin. I think we’re going back to deflation and the best way to get deflation is to pump prices up a lot and then flush them. This is what we do. We are in the early days of the flush.”

Bitcoin isn’t the only cryptocurrency that has piqued McGlone’s interest, however. The Bloomberg analyst also considered Ethereum [ETH] as one of the big tokens.

“Ethereum is revolutionizing the world of fintech, of tokenization. The question for me is what is stopping tokenization, look at NFTs, most are based on Ethereum tokens. Well yes, there are some competitors, but this shows you what’s happening in the space. It won’t go away.”

The Great Bitcoin Step-up

Bitcoin will end nine consecutive weeks of weekly bearish rally ending in losses. This run dates back to late March, when Bitcoin last ended a week on a positive note.

This will be big news for the bitcoin community as it allows them to look beyond the ongoing ‘slump’. However, the king coin of crypto is still unable to break away from the $30,000 resistance given its performance over the past 24 hours. Any movement over the past hour will be crucial if Bitcoin is to end the weekend on a high and break the negative streak.

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