• Bloomberg analyst Mike McGlone has expressed concerns about the global economy, forecasting a severe economic slowdown akin to the Great Depression of 1929.
• He draws parallels between the current economic climate and the onset of the Great Depression, while also delving into the topic of Bitcoin.
• McGlone emphasizes the unparalleled infusion of liquidity into markets during the pandemic, which he views as a precursor to existing economic instability.
Economic Slowdown Predicted by Bloomberg Analyst
Bloomberg analyst Mike McGlone has expressed concerns about the global economy, forecasting a severe economic slowdown akin to the Great Depression of 1929. McGlone’s assessment revolves around multiple factors and draws parallels between the current economic climate and the onset of that historic downturn.
Unprecedented Levels Of Liquidity
McGlone particularly emphasized the unparalleled infusion of liquidity into markets during this pandemic, which he views as a precursor to existing economic instability. He meticulously examines economic indicators such as mortgage rates, new home construction, and existing home sales- all of which are pointing towards an impending crisis waiting to unfold. Drawing from historical events like the Great Depression and market crash of 1929, McGlone makes comparisons with today’s situation; major stock indices continue to hover near peak levels despite current turbulences raising apprehensions about a substantial correction soon.
Bitcoin In The Time Of Uncertainty
The analyst also delved into Bitcoin’s current performance in times like these; “The issue with Bitcoin is that it’s still in its infancy; it exhibits high volatility in this space,“ he said before adding that even if it were to drop to ten thousand dollars, it would still arguably remain one of best-performing assets till date due to digitization being its driving force behind such remarkable performance.
Great Depression’s Resurgence?
McGlone observes that history could be repeating itself here- just like back then when people lost trust in banks leading them towards gold for safekeeping their funds; now they are turning towards digital gold i.e., Bitcoin for similar reasons due to zero interest rate environment prevailing currently making BTC an ideal candidate for risk-averse investors looking for safety against financial uncertainties ahead.
Conclusion
In conclusion, Bloomberg analyst Mike Mcglone paints a grim picture for global economy going forward citing various indicators pointing towards an impending crisis similar or worse than what happened during The Great Depression almost 100 years ago; however at same time providing some silver lining with his comments on Bitcoins future outlook regardless of whether it dips below 10K or not since digitization will act as its saving grace amid times like these!