Mike McGlone, the senior commodities specialist from Bloomberg, warns that the impending financial crisis has the potential to be the “worst in our lifetime” and could rival the devastating Great Depression of 1929. McGlone believes that the economic indicators are scarily similar to those of 1929, and given the current state of “enduring deflation”, he believes the impact of the coming recession will be much worse.

The expert believes that markets are misinterpreting the calm of the stock market, cryptocurrencies, and prices of copper for a sign that the crisis is ebbing, but believes this is highly unlikely since the Fed will only start to ease the risk assets when they have dropped to new lower plateaus. McGlone believes that the culmination of the long bull market has resulted in the financial crisis hitting far worse than before, and that money will be leaving U.S. banks at a rate never seen before and only increasing.

More positively, McGlone believes that Bitcoin’s (BTC) status will remain strong, and will eventually become a global digital collateral. The nonstop trading of Bitcoin is considered indestructible, according to the expert, and will, he believes, continue to outperform all other risk assets, trading more like gold and treasury bonds. The only downside McGlone sees with Bitcoin is the speculative nature of the crypto market, something believed to be hindering its development in the present.

In conclusion, senior commodities specialist from Bloomberg, Mike McGlone, believes that the forthcoming financial crisis will be the “worst in our lifetime”, causing enduring deflation and further banking issues. Despite some speculative issues with cryptocurrency, McGlone believes Bitcoin (BTC) will become global digital collateral, and continue its upwards trajectory in spite of the current crisis.



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