Bitcoin Sets New 'Milestones' in 2022 as BTC Price Hit 'Millions' Predicted

Bitcoin is "probably ready" to take a giant leap forward in its development due to this year's inflation, Bloomberg analysts claim.

In a tweet on March 17, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, issued a new bullish view on the future of Bitcoin (BTC) amid current macro conditions.

Gold beats Bitcoin 'unlikely' this year

Mike McGlone is known for his trust in Bitcoin amid the recent global financial turmoil. He believes that inflation will eventually help Bitcoin "mature" as an asset class, and claims that Bitcoin's returns will even exceed those of gold.

“In the face of the Fed, inflation and war, 2022 could usher in a return to risk assets and mark another milestone in Bitcoin’s maturation,” he wrote.

“Bitcoin is unlikely to stop outperforming gold and stocks as the Fed tries another rate hike cycle.”

The accompanying chart shows Bitcoin's performance relative to a basket of macro assets.

Earlier, the Federal Reserve had hinted at raising a series of key interest rates, an event that provided a modest but welcome boost to bitcoin price action.

Ex-BitMEX CEO Expects BTC to Hit $1 Million

However, Mike McGlone is not alone in making such predictions. Arthur Hayes, former CEO of derivatives exchange BitMEX, issued a stark warning about the future of global financial markets in his latest Medium post.

He sees Ukraine's war with Russia, while adding to inflationary pressures, as symbolic because it shows that even central banks' foreign currency assets can be stolen.

“If the world’s largest energy producers — and the collateral these commodity resources represent — were to be removed from the financial system, there would be serious unimaginable and unintended consequences,” he reasoned.

The post covers a range of macro themes, predicting a restructuring of the financial system during which Bitcoin will suffer as badly as stocks and commodities.

"If you're not comfortable looking after your bitcoins, close your eyes, press the buy button, and focus on your family's safety, both physical and monetary," Hayes wrote, waking up years after the fog of war cleared and will It presents a situation where hard currency instruments rule all global trade.

Ultimately, however, bitcoin and gold should play a more important role as stores of value in the face of other governments’ reduced participation in the dollar and euro standards.

In this case, which he acknowledged will play out "in the next decade," gold could be in the five figures an ounce, while a single bitcoin could sell for seven figures.

"For a bitcoin, I'm in millions. For an ounce of gold, I'm in thousands," he continued.

“This is the scale of fiat-denominated prices that will emerge over the next few years as global trade is settled through neutral hard currency instruments rather than Western debt-backed fiat currencies.”