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War, Bitcoin and Oil: Crypto's Rise vs. Fossil Fuel's Demise
Released on Thursday, April 7, 2022•COMMODITIES
(Bloomberg Intelligence) -- The juxtaposition of when crude oil crossed $100 a barrel in 2008 vs. 2022 is striking, with bullish end-game implications for bitcoin and bearish notions for fossil fuels. Crude prices face a potential lose-lose akin to the collapse and recession about 14 years ago. The financial crisis marked the birth of bitcoin and North America's transition to a top energy exporter from net importer. Russia's invasion of Ukraine may mark an apex of the old world dependent on fossil fuels from dicey sources vs. the new world embracing technology, notably crypto assets.
Mike McGlone
Bloomberg Intelligence,
Senior Macro Strategist
Mike McGlone is a senior macro strategist for Bloomberg Intelligence, a unique research platform that provides context on industries, companies, and government policy, available on the Bloomberg Professional service at BI. Mr. McGlone joined Bloomberg in 2016 with over 25 years of futures and commodity trading and investing experience, beginning at the Chicago Board of Trade. He specializes in the broad investible commodity and crypto markets, authoring the monthly Bloomberg Commodity Outlook and Bloomberg Crypto Outlook. Mr. McGlone is a CFA Charter holder and has earned a Financial Risk Manager (FRM) designation.
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