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Bitcoin could hit $100K, gold $2K in 2022 thanks to ‘deflationary forces’ — Bloomberg analyst

Bitcoin could hit $100K, gold $2K in 2022 thanks to 'deflationary forces' — Bloomberg analyst
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According to Bloomberg Intelligence, it could receive $100,000 in Bitcoin (BTC) and $2,000 in gold in 2022 as global markets face “deflationary forces.”

In a December 9 tweet, Mick McGlone, chief commodities analyst at Bloomberg Research, said, Climate forecast That next year will be good for both gold and bitcoin.

‘Positive Implications’ for Bitcoin Thanks to Deflation

With inflation making headlines around the world this month, Bitcoin has faced criticism over its alleged role as a hedge thanks to its 39% slide from all-time highs.

As Cointelegraph reported, the latest US CPI data is scheduled for December 10, with analysts assuming inflation will rise 6.7% year-on-year.

McGlone argues that next year could be very different, as inflationary pressures give way to lower commodity and stock prices.

“$100,000 Bitcoin, $50 Oil, $2,000 Gold?” Tweeted.

“Peak commodities and low yields on Treasury long bonds point to risks of reviving deflationary forces in 2022, with positive implications for bitcoin and gold.”

Comparative chart of total assets. Source: Mike McGlone / Twitter

previous post highlighted Crude oil prices are now roughly equivalent to what they were before the 2008 global financial rally.

Schiff predicts inflation will ‘become medieval’

McGlone is known for his bullish views on Bitcoin. Gold, which has been battered this year thanks to its relatively flat performance against bitcoin, may also benefit from the overall headwind.

Related: Bitcoin Drops Below $50K As Evergrande defaults on US Dollar Debt

The Bitcoin-Gold debate continues to rage, with proponents trading barbs as neither camp sees the kinds of gains they assumed would mark the fourth quarter.

Regarding inflation, however, there was a consensus to be found.

“How long before investors realize that even if the Fed follows through with its anti-inflation plan to roll back quantitative easing and raise interest rates slightly in 2022, it won’t be too late to derail this hyperinflationary runaway?” Gold Bug Peter Schiff question this week.

“If Powell does not reach the Middle Ages, inflation will occur!”

US inflation chart. Source: Tradingeconomics.com