Senior macro strategist at Bloomberg Intelligence, Mike McGlone, has warned that Bitcoin may face challenges this year due to an impending US economic recession. McGlone believes that risk assets, including cryptocurrencies, may struggle during a recession, and that Bitcoin's liquidity may be negatively affected.
However, he suggests that if Bitcoin can disconnect from the Nasdaq 100, it could lead to broader adoption and stronger performance during a recession. McGlone also notes that the approval of Bitcoin spot exchange-traded funds could provide a significant boost to BTC during a recession, but the timing of such approval remains uncertain.
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