Bitcoin May Have Kicked off a ‘Supercycle’ – Bloomberg Analyst
- Advertisement - The asset has significantly outperformed gold this year. - Advertisement - Bloomberg Intelligence Senior Macro Strategist Mike McGlone has asserted that Bitcoin shows indications of a potential supercycle. For context, a supercycle is an extended period of strong growth characterized by sustained demand that exceeds the available supply. In a tweet yesterday, McGlone pointed out that this year, Bitcoin has outperformed gold, the top performer amongst traditional assets, by “almost 10×.” According to the analyst, the performance indicates a crypto supercycle, noting the low adoption phase and limited supply of the leading digital asset favor this outcome. Consequently, the analyst suggests we will likely see increased Bitcoin volatility compared to traditional commodities as the asset forges its path to new highs. Furthermore, McGlone notes that recent bank collapses would only fuel this rise highlighting the benefits of Bitcoin and fully backed doll...