Mike McGlone joined a conversation on the Stansberry Research channel pointing out that the Bitcoin bear market is in its final stages. However, he notes that the resumption will not be sudden, that is, it will be an investment for patients, as always.
Following this, the Bloomberg Intelligence analyst also claims that while there are thousands of cryptocurrencies in the market, only a few hundred are not scams. Further, note that only a dozen are relevant at the moment.
That is, McGlone believes that Bitcoin is the best choice for the long term, as such an asset is becoming digital gold thanks to its scarcity.
Winter has shaken other industries, McGlone notes
Mike McGlone notes that the Fed’s Jerome Powell is still struggling to curb dollar inflation.
“Cryptocurrencies are already up 80%, and you just don’t want to get too bearish when something is below 80%. I think we are in the last phase of this bear market for cryptocurrencies, but it will not be easy.”
He explains that the markets do not make a “V” bottom, that is, there will be no sudden rise once it hits the bottom. 🇧🇷[Os mercados de baixa] will take money from anyone and they have to be volatile and difficult”concluded the analyst.
In other words, investing in Bitcoin can now be a test of patience, as always. After all, the best results came years after major casualties.
Finally, McGlone points out that this “It’s not a winter of cryptocurrencies, this is a winter of everything”being a reference to the fall in the price of inventories, mainly in the technology sector.
Bitcoin only
Another point raised by the Bloomberg analyst was the sheer number of cryptocurrencies in the market, but only a few of them really make sense in their existence.
“Well, we know there are 21,000 cryptocurrencies on CoinMarketCap, maybe 100 of them are legit and really matter in the next 5 or 10 years and maybe 12 of them really matter now.”
Next, McGlone notes that there’s a risk that Bitcoin won’t be “the chosen one,” but notes that BTC is the one project that no one is responsible for, besides being on its way to becoming digital gold.
Finally, even if FTX’s bankruptcy were to impact the market, it is worth remembering that Bitcoin remains intact in its code. That is, the $17,000 price can be seen as a deep discount, a term McGlone himself used on another occasion.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
