TechFlow news, Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, said in a new interview with crypto trader Scott Melker that Bitcoin may need to wait for risk assets like equities to crash before it becomes active again.
McGlone stated that Bitcoin will struggle to take off as long as the Federal Reserve doesn't turn on the money printer. He noted that Bitcoin typically performs well when liquidity pumps are turned on and weakly when they are shut off.
He also said that if the stock market crashes, the Fed might adjust its hawkish stance and increase liquidity.
McGlone believes that even if Bitcoin loses more than 63% of its value, it would still be one of the best-performing assets, given that it has grown 26,000-fold over 12 years.
