As a seasoned investor with a keen eye for spotting market trends and a knack for navigating economic turbulence, I find myself intrigued by the recent predictions from both Mike McGlone of Bloomberg and Robert Kiyosaki.
Mike McGlone, the Senior Commodity Strategist at Bloomberg, has voiced a pessimistic view regarding Bitcoin, the world’s leading cryptocurrency.
In this current situation, Bitcoin has been correlated with the Asian stock market.
McGlone’s bearish Bitcoin outlook
As a researcher, I’ve noticed an intriguing correlation: Bitcoin (BTC) seems to be following a similar trend as the Hang Seng Index. In essence, when the index rises or falls, BTC appears to mirror these movements quite closely, suggesting a potential relationship between the two.
The Hang Seng Index represents one of the primary stock market indicators in Hong Kong, following the day-to-day fluctuations of the largest locally-listed corporations trading on the Hong Kong Stock Exchange. Essentially, it serves as a benchmark to assess the overall performance of the Hong Kong stock market.
McGlone suggests that the bottom levels for this index and Bitcoin could potentially drop even further, implying that any declines could persist until they hit their lowest points (nadirs).
Bitcoin’s downtrend might continue, aligning with the Hang Seng Index – The similar patterns between Bitcoin and the Hang Seng Index could hint at more downward correction before reaching their lowest points. You can find the complete analysis on the Bloomberg terminal here: [BI COMD] #commodities #cryptos #stockmarket…
— Mike McGlone (@mikemcglone11) September 13, 2024
Previously this year, McGlone expressed the opinion that gold could surpass its digital counterpart, Bitcoin, in performance during 2021.
Stop saving dollars, buy Bitcoin: Robert Kiyosaki
In a recent tweet, Robert Kiyosaki – a well-respected figure in finance known for his influential book on financial wisdom titled “Rich Dad Poor Dad” – voiced his endorsement of Bitcoin.
Robert Kiyosaki consistently emphasized the escalating growth of America’s national debt. He warned the public that, in astonishing terms, it’s currently rising by an eye-popping $1 trillion approximately every 3 months or so.
It seems that the bond market is experiencing a significant decline. Have you considered that our global economy heavily relies on credit? Bonds represent debt, and they form the foundation upon which the world’s economic stability rests. This downturn could indicate underlying economic issues. Although market crashes are easily noticeable, banking crises often go unseen but can be far more hazardous. To put it simply, it’s a situation that requires close attention.
— Robert Kiyosaki (@theRealKiyosaki) September 9, 2024
As an analyst, I’d rephrase it as follows: I noted that the annual cost associated with this debt’s interest currently surpasses a staggering figure of $1 trillion. In a recent tweet, I expressed my viewpoint by stating, “The greenback seems less valuable; consider amassing Bitcoins instead…it’s the future of money.
Kiyosaki additionally advocates for including gold and silver, alongside Bitcoin, in investment portfolios because they are all considered ‘safe-haven’ assets. These investments could potentially aid in navigating through periods of hyperinflation.
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2024-09-13 18:35