Bitcoin May Be Entering Unstoppable Maturation Stage: Bloomberg’s Chief Strategist
Bitcoin may therefore soon find itself in stark contrast to the path that the rest of the world and all fiat currencies could be taking: namely, the increased supply path
“Unstoppable maturation stage” for Bitcoin
McGlone believes Bitcoin is entering an “unstoppable period of maturation” right now. According to the screenshot, BTC now has the lowest volatility compared to the Bloomberg Commodity Index. Screenshot of a Bloomberg Intelligence report on Oil and BTC says Bitcoin could confirm its status as a risky asset this year as it has been more or less resistant to the Fed’s string of rate hikes this year and remains in the 19k-20k range $ is traded.
Basically, repeated the report McGlone previously shared on his Twitter account: Bitcoin is heavily tied to the stock market and the US economy in general. BTC showed fairly low volatility last weekend, which was likely due to the market waiting for the S&P 500 index to open for trading.
Bitcoin price action
Following the aforementioned BTC surge when the asset price surged to the $19,800 zone, it managed to stay near that level for the next few days, recovering to $19,600 on October 18th. However, at the time of writing, the price of digital gold has fallen to the $19,220 price mark.