Bloomberg senior commodity strategist Mike McGlone previously had highlighted that the markets are way overdue for a pretty significant correction, most notably in terms of equities, but recently noted on March 4 that Bitcoin “shows divergent strength.” Furthermore, Mr. McGlone said that “Digital Gold” is poised to triumph, noting Bitcoin will be subjected to deflationary pressures after the peaks of 2021. He added Bitcoin may be evolving global digital collateral, given its losses in 2002 were less than half of those in the Nasdaq 100. The commodity strategist stated:
Buying opportunity for Bitcoin
It’s worth mentioning that on February 24, following Russia’s invasion of Ukraine, which resulted in a brief dip in Bitcoin’s value, McGlone noted that, even though there are negative risks present, the drop provided a “very good buying opportunity” for long-term investors who had been sitting on their money. Since then, Bitcoin fell from $39,000 to below $35,000 at the end of last week the flagship digital asset bounced back to briefly climb as high as $45,000 on March 2. Currently, the BTC is trading at $39,084.85, down 6.25% in the last 24 hours and up 0.61% across the previous week, according to CoinMarketCap statistics. Bitcoin has a total market worth of $741.6 billion and a market dominance of 42.2%. Ultimately, as a result of the geopolitical tensions surrounding Russia’s invasion, Bitcoin’s supply activity has soared to its highest level in almost two years which may be one reason why McGlone has called it global digital collateral.
