Bloomberg analyst Mike McGlone very bullish on Bitcoin – but warns crypto assets will “suffer” if this happens

Bloomberg Intelligence senior macro strategist Mike McGlone is bullish on Bitcoin (BTC) and other digital assets given the flagship cryptocurrency’s volatility.

McGlone says in a new interview with Stansberry Research that he is “very bullish” on Bitcoin and other assets in the Bloomberg Galaxy Crypto Index as BTC increasingly becomes a “global digital security.”

However, the Bloomberg strategist says the macro landscape and stock market could impact the growth potential of digital assets.

“Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index, I am broadly very optimistic but very concerned about the ebbing tide of what I see in a potential bear market for stocks

So I look at Bitcoin as a global digital collateral in the world that is going in that direction, and every single risk manager on the planet knows every day that goes by everyone knows, “I gotta have a piece of this.”

McGlone also says he’s concerned in the near term that Bitcoin and other crypto assets could plummet if the stock market turns bearish.

“It’s just that I’m still worried about a downtrend in the stock market. I mean, I fully expect the S&P 500 to drop 20%, and if I expect that, I expect crypto assets to suffer.”

While McGlone believes the crypto king will eventually reach its long-term price target of $100,000, he says Bitcoin’s performance is still largely dependent on stock market price action.

“Here’s the key difference I’d like to point out – Bitcoin ‘digital gold’ will do better should continue to outperform most (other crypto assets)…

But I fear bitcoin may have pressure below $20k, around $20k. And eventually it will be over $100,000. It just needs to see how we survive this stock market carpet pull.”

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