Mike McGlone: ​​deflation will push bitcoin and ethereum forward

Bloomberg senior commodity strategist Mike McGlone expressed great optimism about severalcrypto assets, reports HCN.

Contrary to Elon Musk's opinion, Bitcoin (BTC), Ethereum (ETH) and other crypto assets will outperform the start of deflation, which will be a consequence of the Federal Reserve raising interest rates.

The Fed's rate hike will force it to turn to moreproductive markets, especially since stock markets no longer rally on bad news. Traditionally, they have collapsed on bad news and risen on good news, which means the Fed will no longer bail them out.

I expect a long period of deflationwill bring Bitcoin and cryptocurrencies forward. Ethereum and the remaining altcoins, largely due to technology. Bitcoin is in some ways better than gold in a world that is transforming into a digital...

According to the analyst, deflation is very likely to start within the next 12 months, as the Federal Reserve is unlikely to loosen monetary policy.

We are in a big inflationary spiral. In a year there will be deflation, and this will continue for a long time. The main reason is human nature.

The Fed will never relax its policy.I'm sure of it, unless we have eccentrics in control, as we have in the past. Because of the mistake they made in the last two years, the easing was too much.

Those days when the Fed supported the stock market atfall, gone. We are about to see a major correction. That's why I expect a transition to a serious recession worldwide. This is already happening. There is deflation in the US...Bitcoin will be the winner.