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Bloomberg Macro Strategist: Bitcoin May Face Recession Test in Next Six Months

According to a tweet from Bloomberg's macro strategist Mike McGlone, after a strong performance in the first half of the year, Bitcoin may face harsh recessionary conditions in the next six months. He said that Bitcoin's 84% gain in the first half of the year was about double that of the Nasdaq 100 and consistent in annual volatility (risk-adjusted). It's the second half of the year that may define the benchmark crypto as a high-beta version of the stock market or for its potential to be digital gold in a world going that way.

He predicted that the stock market will start to decline and that Bitcoin will have a chance to prove itself as a store of value, or "digital gold," by not dipping alongside equities. However, he warned that the central bank may be reluctant to ease monetary policy this time due to high inflation.

Bitcoin Bitcoin $98,235.80
-0.23%
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