Bloomberg Intelligence senior macro strategist Mike McGlone says the top two crypto assets by market cap remind him of the early days of Netflix.
In a new interview with crypto influencer Scott Melker, McGlone says that promising new technologies historically find success over time.
McGlone predicts Bitcoin (BTC) and Ethereum (ETH) will survive the turbulent market conditions and outperform commodities.
“The key thing is that I like to point out is people are bullish commodities and like to look at cryptos. Commodities have a problem with the elasticity of supply and demand. You will always be able to create more for less unless you expect humans to be stupid. Commodities are stupid. But cryptos are the opposite. You look at the declining supply of Ethereum… The declining supply of Bitcoin… this adoption is still so fractional.
I look at this 5,10 years from now like I remember Netflix when it first came out and I remember when the first day I walked into trading pits in Chicago and said there’s a better way, and this is a better way.”
McGlone says that the value of Bitcoin and Ethereum are likely to rise in the future, but they will face resistance as long as the stock market declines. Crypto markets have generally mirrored the performance of the S&P 500 (SPX) in the current bear market.
“I fully expect Bitcoin and Ethereum are going to come out ahead, but they still have to be pressured if the stock market goes down.
The key thing is one of the best-performing assets I’ve been shocked by and still stick with is Ethereum. Ethereum is up 10% this year. Yes, it might give some of that back. But it’s holding that $1,000 support.”
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