Get the latest insights from Bloomberg's senior commodity strategist, Mike McGlone, as he predicts a downward trend for Bitcoin. Find out why Robert Kiyosaki is urging investors to buy Bitcoin instead of saving dollars.
Bloomberg’s senior commodity strategist, Mike McGlone, has made a bearish statement on the world’s largest cryptocurrency, Bitcoin.
In this current situation, Bitcoin has been correlated with the Asian stock market.
McGlone's bearish Bitcoin outlook
Bloomberg’s expert shared a chart to show that Bitcoin is currently moving together with the Hang Seng Index. They have been crossing the chart in tandem, with BTC mirroring the moves of the index almost identically.
McGlone believes that the bottoms of this index and Bitcoin may be found lower than now, therefore, their downside movements might continue before they reach their nadirs.
Earlier this year, McGlone tweeted that this year gold may outperform its digital analogue, Bitcoin.
Stop saving dollars, buy Bitcoin: Robert Kiyosaki
Prominent financial expert and author of the famous book on financial literacy “Rich Dad Poor Dad,” Robert Kiyosaki, endorsed Bitcoin in a recent tweet.
Kiyosaki stressed the continuous increase of the U.S. national debt. The expert reminded the community that this debt has recently been increasing by a staggering $1 trillion every 100 days.
He also pointed out that the interest on this debt is currently the biggest expense in the country – more than $1 trillion per year. “The dollar is trash,” he tweeted, “stop saving dollars...start saving Bitcoin...real money.”
Kiyosaki also believes that aside from Bitcoin, it is worth adding gold and silver to one’s portfolio since all three are safe haven assets that can help one survive hyperinflation.
Analysis:
Bloomberg's senior commodity strategist, Mike McGlone, has raised concerns about Bitcoin's correlation with the Asian stock market, suggesting a potential downward trend. On the other hand, financial expert Robert Kiyosaki advocates for investing in Bitcoin as a hedge against the devaluation of the dollar. Both perspectives highlight the importance of diversifying one's portfolio and considering alternative assets like Bitcoin, gold, and silver for long-term financial stability.