Renowned Bloomberg commodity strategist, Mike McGlone, has recently shared a bearish perspective on the world’s largest cryptocurrency, Bitcoin. According to McGlone, Bitcoin’s current movements are closely correlated with the Hang Seng Index, a leading stock market indicator in Hong Kong.
McGlone’s analysis suggests that both the Hang Seng Index and Bitcoin may experience further downside movements before reaching their lowest points. He even went as far as to predict that gold might outperform Bitcoin this year.
On the other hand, financial expert and author Robert Kiyosaki has endorsed Bitcoin as a hedge against the continuous increase in the U.S. national debt. Kiyosaki emphasized the devaluation of the dollar and urged people to start saving in Bitcoin, gold, and silver as safe haven assets.
Overall, the current market trends indicate a bearish outlook for Bitcoin, with experts like McGlone and Kiyosaki recommending alternative investment options to safeguard against economic uncertainties.
Source: U.Today