Ethereum (ETH) is poised to overtake Bitcoin (BTC), according to Bloomberg commodities strategist Mike McGlone.
The closely watched analyst says that despite the rough patch for almost all high-risk assets, Ethereum’s performance against Bitcoin (ETH/BTC) is on a strong uptrend amid massive adoption.
However, McGlone also predicts “warmer times” for Bitcoin, saying that if the Federal Reserve changes its hawkish stance, the major crypto asset by market capitalization will outperform the stock market.
Upon closer examination, McGlone said bitcoin is also likely to outperform Tesla (TSLA). Analysts often compare TSLA’s performance as an innovative technology stock with a risk profile and market characteristics similar to Bitcoin.
Bloomberg strategists say that BTC appears poised to outperform Tesla because bitcoin’s inflation rate is declining and supply and demand factors favor the major cryptocurrency over the more inflationary TSLA stock.
As of this writing, Bitcoin is at $16, 798.