- Crypto analyst Mike McGlone at Bloomberg is bullish on Bitcoin in his 2022 Outlook for crypto
- He expects the US to embrace cryptocurrency in 2022 with BTC hitting $100,000 per coin
US to Embrace Crypto, Bloomberg Report Says
Prominent analyst Mike McGlone with Bloomberg Intelligence remains optimistic about the future of cryptocurrency. In his 2022 Global Cryptocurrency Outlook, Mr. McGlone sees growing adoption and accelerating prices.
“We expect the U.S. to embrace cryptocurrencies in 2022,” he says in the report. That should come “with proper regulation and related bullish price implications,” the analyst notes.
Bloomberg’s 2022 global outlook report for crypto, published last week, explains in detail how the digital asset market could unfold.
“The unlimited supply of fiat currency should sustain rising prices, notably in bitcoin, which has limited supply,” the report says. “We expect wider adoption to prevail and overcome most wobbles, like 2021’s near 50% correction.”
Bitcoin on Track for $100,000 in 2022
Moreover, “Bitcoin appears to be on a trajectory for $100,000,” the research states. “We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.” To this end, the analyst presents the view that as 2022 approaches, bitcoin is shifting into gear for a “refreshed bull market.” He continues by giving examples of bitcoin’s widespread acceptance in financial markets.
On the one hand, there are already bitcoin-based exchange-traded funds like those on Wall Street and Canada’s stock market. This year marked the successful trading debut of not one but three bitcoin ETFs on the US stock exchange. As a result, traditional investors have embraced the looming crypto market.
In addition, 2022 is looking promising on a state level after El Salvador gave bitcoin a legal-tender status. This, Mike McGlone mentions, is a strong sign for the continuation of the “bull market in global adoption.”
Regulation Expectations Remain Positive
On the regulation issue, US lawmakers have so far telegraphed fairly positive remarks on bitcoin and crypto. Several times the US Federal Reserve and the Treasury have said they have no intention to ban digital currencies.
Further, many expect policymakers at the Securities and Exchange Commission (SEC) to introduce crypto-friendly regulations. SEC Chair Gary Gensler, a bitcoin and blockchain expert who taught courses at MIT, has presented a warm stance toward crypto. To this end, he and his team are working alongside Congress to hammer out rules that would govern cryptocurrency trading.