There's a Reason Bitcoin's Worth 500 Barrels of Oil: Bloomberg's McGlone

There's a Reason Bitcoin's Worth 500 Barrels of Oil: Bloomberg's McGlone
The year is only weeks old and Wall Street analysts are already trying to predict 2022 winners and losers. But Mike McGlone, Bloomberg’s senior commodity strategist, is going back to the basics: supply and demand.This week, McGlone, who won plaudits in crypto markets last year for being one of the first prominent Wall Street analysts to accurately predict that bitcoin’s price would hit $50,000, penned a pair of reports this week comparing the dynamic in the bitcoin market with that of raw materials oil and copper.Taking a look at oil, McGlone pointed out that prices for the benchmark U.S. crude…