Crypto Faces its First Real Recession, Says Commodity Strategist Mike McGlone

At present, cryptocurrency investors have taken a sigh of relief as the market seems to be rerouted to a positive price movement. However, not everyone is so optimistic and jolly about the direction the crypto sector is headed.

One such person is Mike McGlone, who is a well-known commodity markets expert associated with the financial publication house Bloomberg.

In his latest article, McGlone has exclaimed that cryptocurrency markets are undergoing their first recession period. He used the words macroeconomic contraction to define the phenomenon. It is worth noting that the last time such an event happened, it resulted in the creation and introduction of Bitcoin.

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The debate about whether cryptocurrencies should be categorized as commodities or securities is still not settled. However, it has not stopped McGlone from shedding his two cents on the matter. He has recently posted on Twitter that crypto is facing the first official recession, which accounts for the lower prices and increased price volatility.

He further noted that the last economic contraction event in the USA and the financial crisis resulting from it paved the way for the introduction of Bitcoin. He was referring to the financial crisis of 2008 created by the bursting of the housing bubble. He expressed optimism that the current economic cleanse might help the financial markets achieve the same goals.

Comparing the stock and crypto markets while sharing a snap of NASDAQ-100 departing a 200-MA. He noted that the index dipped 70% lower in 2022 while it was down by 40% in 2019. He has projected that Bitcoin could become a 6 figure currency in the next few years.

Robert Kiyosaki’s Warning

Along the same lines, Robert Kiyosaki has also issued a warning about the approaching rough patch that could be countered with Bitcoin, Gold, and silver investing. Investors can take advantage of the lowered prices of cryptocurrencies during the recession and proceed carefully by creating and editing their investment strategies.

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