At the same time, he expressed a take that the BTC price is likely to keep ascending this year. McGlone also warned how financial markets might react should Bitcoin decline below the $100,000 level.
The Bloomberg Intelligence expert believes that the Bitcoin price is likely to continue surging this year. If the opposite scenario takes place, he said, the stock market may also see a downturn, since BTC and stocks are closely interconnected, according to McGlone.
A Bitcoin decline below $100,000 might trigger “deflationary pressures and lower bond yields.” In this case, the Bloomberg strategist added, investors may turn their attention to gold as the traditional store of value and a hedge against falling markets.
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