U.Today – Mike McGlone, senior commodity strategist at Bloomberg, made a bearish statement on the world's largest cryptocurrency, .
In this current situation, Bitcoin has been correlated with the Asian stock market.
McGlone's bearish outlook on Bitcoin
The Bloomberg expert shared a chart showing that Bitcoin is currently moving alongside the index. They have been crossing the chart at the same time, with BTC mirroring the index’s movements almost identically.
The Hang Seng Index is a leading Hong Kong stock market index that tracks daily changes in the largest local companies listed on the Hong Kong Stock Exchange. The Hang Seng Index is the leading indicator of the overall performance of the Hong Kong stock market.
McGlone believes that the lows for this index and Bitcoin may be found lower than now, therefore, their bearish movements could continue before reaching their lowest points.
Earlier this year, McGlone tweeted that gold could outperform its digital counterpart, Bitcoin, this year.
Stop saving dollars and buy Bitcoin: Robert Kiyosaki
Prominent financial expert and author of the famous book on financial education “Rich Dad, Poor Dad”, Robert Kiyosaki, endorsed Bitcoin in a recent tweet.
Kiyosaki highlighted the continuing rise of the US national debt. The expert reminded the community that this debt has recently increased at an astonishing rate of one trillion dollars every 100 days.
He also noted that interest on this debt is currently the country’s largest expense – over $1 trillion a year. “The dollar is garbage,” he tweeted, “stop saving dollars… start saving Bitcoin… real money.”
Kiyosaki also believes that in addition to Bitcoin, gold and silver are worth adding to one's portfolio, as all three are safe haven assets that can help survive hyperinflation.
This article was originally published on U.Today
