Bloomberg strategist Mike McGlone believes that gold and bitcoin will be the most popular instruments for investors in 2023.
The precious metal will confirm the status of the safest asset. The cost of a troy ounce of gold will soon exceed $2,000.
At the same time, the attractiveness of bitcoin, which is seen as an instrument independent of the traditional banking system, will increase. As the global economy worsens, the number of investors who prefer to keep their capital in BTC, gold and treasuries will grow, according to a note prepared by McGlone.
The collapse of the banking sector is reminiscent of the crisis of 1929, so the Federal Reserve tightens monetary policy. After the latest rate hike, investment in bitcoin has increased, although many observers expected its value to fall, Bloomberg strategist emphasized.
In his opinion, the BTC rebound can be seen as a positive signal, as more traders continue to buy cryptocurrency even amid global uncertainty.
