- Bloomberg Analyst Mike McGlone has caused concern by forecasting a severe economic slowdown akin to the Great Depression of 1929, citing multiple factors.
- McGlone’s opinion on Bitcoin: he acknowledges its potential decline, but argues that it remains the best-performing asset in world history due to the zero interest rate environment.
- The infusion of liquidity into markets during the pandemic, combined with indicators like mortgage rates and new home construction, have raised apprehensions about a substantial correction.
Economic Slowdown Forecasted By Bloomberg Analyst Mike McGlone
Bloomberg analyst Mike McGlone has expressed concerns about the global economy, forecasting a severe economic slowdown akin to the Great Depression of 1929. McGlone’s assessment revolves around multiple factors. He draws parallels between the current economic climate and the onset of the Great Depression. As economies grapple with challenges like recessions, contraction projections, and ongoing geopolitical tensions, McGlone’s analysis suggests an impending global economic reset.
McGlone’s Opinion On Bitcoin
The analyst also delved into the topic of Bitcoin, stating, “The issue with Bitcoin is that it’s still in its infancy; it exhibits the highest volatility in the space. While I acknowledge the broader perspective and concur with the potential decline, envisioning it as a global digital gold, the present hitch is that it stands out as the best-performing asset in world history. The driving force behind this asset’s remarkable performance is digital gold and the zero interest rate environment.” He went on to say, “We’re in the era of digitization. This transformation propelled Bitcoin to its current status. Even if it were to drop to ten thousand, it would still arguably remain the most exceptional performing asset to date. This, to me, presents a dilemma.“
Infusion Of Liquidity Into Markets During The Pandemic
McGlone particularly emphasized the unparalleled infusion of liquidity into markets during