Bitcoin Halving Is For Amateurs: Bloomberg strategist Mike McGlone
|- Mike McGlone is bullish on Bitcoin than any other asset in the market saying that all others are “five thousand wannabes.”
- Bitcoin halving to take place in 20 days but McGlone says that it is a non-event.
Bitcoin halving is approaching fast. However, according to Bloomberg’s senior commodity strategist, Mike McGlone, this is a “non-event.” He was speaking during an interview with Cointelegraph on his experience as a commodities trader and how that expertise has impacted his Bitcoin business.
The stock market had its biggest correction since the Great Depression, down 15 percent. I view that as quite significant that Bitcoin is weathering this storm yet. And the key thing I find about it, it's never stopped trading, never stopped, never halted, didn't have a third party guiding it. I view that as someone who's been trading commodities my whole life is very impressive.
McGlone also emphasized that he is “not bullish on anything else other than Bitcoin.” Although while commenting on the upcoming halving, he said sternly that “it’s a non-event. A complete non-event, it’s for amateurs” and that “knowns don’t matter in markets.” Circling back to his bullish take on Bitcoin, McGlone stated:
So I think the key resistance people are gonna be looking at is $10,000 and that's very doable. I would be very disappointed if it trades much below $5,000 support.
While his comments could hit wrongly on the nerves of most people, Bitcoin is left with only 20 days before the halving event but no significant price movements have come into play so far.
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