Bitcoin gaining a stamp of approval from established personalities is nothing new, and Mike McGlone proved it once again. Bloomberg’s senior commodity strategist recently talked about BTC’s potential bull run in 2022.

The veteran believes that BTC’s conversion into digital gold will take the cryptocurrency across $100K in 2022. Users can read more about the future price development here.

With the Federal Reserve aiming to increase the interest rates to cope with inflation, risk-on assets, such as cryptocurrency, can suffer severely. The reason is simple – hiking interest rates will push traders towards conventional and more stable fixed-income assets, like bonds.

However, Mike McGlone believes that the pattern will only run for a short time before Bitcoin starts its bull rally in 2022. According to Mike, BTC is currently in a unique position as it is gradually transitioning from a risk-off to a risk-on asset. With its credibility as a global store of value surging, Bitcoin might replace gold and become the ultimate collateral.

The Bloomberg senior commodity strategist believes this to happen in 2022. Mike added that the ongoing bearish sentiment presents a positive outlook for Bitcoin, hinting at market consolidation. 

Mike also thinks that Ethereum will follow Bitcoin’s footsteps, becoming a pivotal figure in the NFT and DeFi markets. However, the analyst is not as optimistic regarding the overall crypto market, given his speculation regarding altcoins.

Simple economics rules dictate that an easyac entry with an unlimited supply does not bode well with prices, which is the crypto market, said Mike. However, since Bitcoin is gradually transitioning into a risk-off asset, it possesses the capability to surpass such conditions. 

The year has been a mediocre one till now for the market; however, multiple experts have shown great faith in the crypto market in 2022.