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Bloomberg Intelligence strategist Mike McGlone says Bitcoin (BTC) could be the best bet for macro investors, but warns a looming recession may pose a threat to its gains in the near term.

In a new live stream with Scott Melker, McGlone says Bitcoins decentralized nature will protect it from US regulators who appear to be increasingly targeting the crypto space.

Top US regulators have stated publicly they consider Bitcoin a commodity.

Thats the key thing where Bitcoin sticks out [is] you cant do anything to this and you cant kill it. Its just unprecedented. Its untouchable. You could make a case that Ethereum is a security when you hear about all these upgrades and people doing this and people doing that to make it better. Im like okay, well thats kind of scary. You cant do that to Bitcoin. Its just why its fine and impressive.

McGlone says hes bullish on Bitcoin, but says hes also anticipating a recession in the third quarter of the year, which would weigh down on risk assets like BTC.

He says OPECs (Organization of the Petroleum Exporting Countries) decision on Sunday to reduce daily oil output makes a recession more likely, as well as interest rate hikes from the Federal Reserve to draw down inflation.

We had our morning call this morning and our [Bloomberg] economist Anna Wong said, Yeah, their base case is for that recession to kick in Q3. Starting to move it a little forward now. OPEC is helping that. Fed tightening is helping that. So all assets have to go down. That means Bitcoin too. Its the fastest horse in the race. So Im overall, certainly relatively bullish.

But if I expect the stock market still to drop a third from here, I got to expect that weakness and thats still my base case. And crude oil now is kind of accelerating that issue. OPEC is just admitting that theyre seeing the global demand problem kicking in and theyre responding as a rational cartel would do within the economic rationality.

Bitcoin is trading for $28,071 at time of writing.

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Bloomberg Analyst Says Bitcoin (BTC) the Fastest Horse But Issues Economic Warning - The Daily Hodl