Bloomberg Intelligence’s chief commodity strategist Mike McGlonesaid that the crypto ecosystem is experiencing its first real recession.
Bloomberg’s Mike McGlone Sees Crypto’s Real Recession as a Major Turning Point
The digital currency ecosystem has been experiencing a massive price drop overall for the past 1 year, which is an indication that the ongoing crypto winter is not over yet.
While many remain pessimistic about the future of the crypto industry, McGlone believes this could be the birth of a new turning point for the entire world.
Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility.
The financial crisis, the last major economic contraction in the US of bitcoin It gave birth to its birth, and the looming economic reset could mark similar turning points.
The strategist went on to describe how the previous global recession in the 2002 and financial years 2008-2009 led to the emergence of Bitcoin (BTC) and the broader digital currency ecosystem.
While he remains silent on what the next major milestones are that may come with the ongoing recession, a number of possibilities come to mind.
While generally new, the crypto ecosystem is undergoing a significant turn towards the world of Web 3.0, which has been described as the next big interaction of the internet.
Based on decentralization and data independence, many experts predict this is the next big technology that will cut through various industries, starting with crypto.
Although the idea that “Bitcoin will always exist as the first crypto money” remains strong by many experts, many altcoin projects that cannot keep up with innovation may come to the point of extinction in the future. Especially considering McGlone’s statements, “artificial intelligence” altcoins may come to the fore in the upcoming bull season.
The recession we are in may thus have opened the door to a new sector.
*Not investment advice.
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