• Last Friday, jump above $50,000
• The data shows this is the BTC’s highest inflation in 40 years.
• Mike McGlone believes that 2022 will be a successful year for Bitcoin.

Bitcoin (BTC), a cryptocurrency, soared above $1,000 in December 10th as U.S. Consumer Price Index data revealed that inflation in November was much higher than predicted. Data from TradingView also showed that Bitstamp was running at $50,132

Bitcoin rallies after announcement of the greatest inflation rate in over 40 years. pic.twitter.com/BHQTnKpxdB

— Pomp (@APompliano) December 10, 2021

Both traditional and crypto finance analysts eagerly anticipated the CPI. Options for a minimum 6.7% increase year-on-year in November, and even as high as 7% were available. The event’s numbers were in line with conservative estimates, and reached 6.8%. The CPI result is actually at its highest level in nearly 40 years.

Therefore, Bitcoin’s short-term successes did not last long. The current price of Bitcoin/USD at the moment is $48,914.82.

Mike Mcglone, Bloomberg Senior Commodity Strategy Analyst predicts that 2022 will be a successful year for Bitcoin as well as gold. According to Mcglone, Bitcoin will surpass $100,000 while precious metals will trade at $2,000

$100,000 #Bitcoin, $50 #Oil, $2,000 #Gold? 2022 Outlook in 5 Charts – Peaking commodities and the declining yield on the Treasury long bond point to risks of reviving deflationary forces in 2022, with positive ramifications on Bitcoin and gold. pic.twitter.com/j3VNAOCwuz

— Mike McGlone (@mikemcglone11) December 9, 2021

Many consider Bitcoin to be the opposite of the American dollar. At the same time, Mike McGlone predicted that “deflationary forces” will prevail next year and inflation will stop spreading across the globe.

Similar to the above, Bitcoin could reach $100,000 in USD by tapping this milestone. McGlone predicts that gold will rise to $2,000 while oil will reach $50.

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