The recent prediction by Bloomberg analyst Mike McGlone that Bitcoin will experience downward pressure during a US recession has caused a stir in the cryptocurrency community. While some investors are concerned about the potential for a downturn, others are optimistic that Bitcoin will remain resilient in the face of economic uncertainty.

McGlone’s prediction is based on the idea that when investors are faced with an uncertain economic environment, they tend to move their money into safe-haven assets such as gold and US Treasuries. As Bitcoin is not yet seen as a safe-haven asset, it could be vulnerable to a downturn in the economy. McGlone also noted that Bitcoin has been more volatile than gold and US Treasuries over the past year, which could make it more susceptible to market fluctuations.

Despite McGlone’s prediction, some investors remain optimistic about Bitcoin’s prospects during a recession. They point to the fact that Bitcoin has been able to weather previous economic downturns, such as the 2008 financial crisis. They also note that Bitcoin is becoming increasingly popular with institutional investors, which could provide some stability to the market.

It is also important to note that McGlone’s prediction is not set in stone. The cryptocurrency market is constantly evolving and there are many factors that could influence Bitcoin’s performance during a recession. For example, if governments around the world start to recognize Bitcoin as a legitimate currency, it could provide some protection against economic uncertainty.

Ultimately, it is impossible to predict how Bitcoin will perform during a US recession. Investors should keep an eye on the market and be prepared to adjust their portfolios accordingly. While McGlone’s prediction may be cause for concern, it is important to remember that Bitcoin has weathered previous economic downturns and could do so again.