During an appearance on the Stansberry Investor Hour, a prominent Bloomberg commodity analyst shared his optimistic outlook for bitcoin as a long-term investment.
According to Mike McGlone, bitcoins may eventually become a safe haven asset in times of market turmoil, similar to gold or long-term bonds.
He noted that the traditional financial market has recently experienced a significant correction due to the US Federal Reserve’s decision to raise interest rates too much and too late.
As a result, investors may turn to alternative assets like bitcoin for security.
Despite his positive outlook on bitcoin, McGlone previously expressed concerns about the risks associated with investing in meme-based cryptocurrencies such as DOGE and SHIB.
As of April 21, 2023, BTC is trading at $28,084, up almost 90% from its opening price of $16,500 at the beginning of the year.