Bitcoin is going through a rough patch lately, as the cryptocurrency has fallen all the way from the highs of $66K to even below $20K at times.
At present Bitcoin is not recovering itself the way it should be. But according to the Bloomberg expert, Mike McGlone Bitcoin might be able to outperform itself in the H2 of 2022, however, the cryptocurrency has only fallen to more serious depths in the first half of 2022.
An assumption that has been recorded by the Bloomberg Strategist is that the commodities market and US Bonds market are also going through a rough patch at the moment and a reversal is in order for them in the coming weeks.
The same could be said about Bitcoin because all the metrics coincide with the flagship cryptocurrency. He further argued that Bitcoin is the toughest horse in this financial race as it has only been a decade since its launch and compared to other financial instruments out there Bitcoin is doing ravishingly good.
He certainly has high hopes for Bitcoin as a cryptocurrency and has even hinted at the fact that possibly enough if Bitcoin is able to reclaim its position in the H2 of 2022 then it could act as the global collateral and it could get its performance and value more in line with the treasury bonds and gold, the pioneer of wealth.
Bitcoin Depicts Less Volatility
When asked about the recent downfall of the crypto market and the part that Bitcoin played in doing so, Mike said that if graphical data for the year 2021 and 2022 was to be taken into account then it would become apparent that Bitcoin has had less volatility as compared with other crypto assets.
It means that Bitcoin has not fallen to more extreme depths as other cryptocurrencies have and despite being taken out of the spotlight Bitcoin has continued to perform even if in a minute capacity which paves way for a strong outperformance by Bitcoin in the H2 of 2022 according to the Bloomberg strategist.