Senior macro strategist at Bloomberg Intelligence Mike McGlone is expressing optimism on Bitcoin (BTC) and other digital assets as the flagship crypto engages in seesaw price movements.

McGlone says in a new Stansberry Research interview that he’s “very bullish” on Bitcoin and other assets in the Bloomberg Galaxy Crypto Index as BTC increasingly becomes a “global digital collateral.”

However, the Bloomberg strategist says the macro landscape and the stock market could impact the growth potential of digital assets.

“Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index, I’m fully very bullish in the big picture, but very concerned about the ebbing tide to what I see in potentially a bear market in stocks 

So I view Bitcoin as global digital collateral in the world going that way and every single risk manager in the planet, every day that goes by, they all know ‘I have to have a piece of this’.”

McGlone also says that in the near term, he’s concerned that Bitcoin and other crypto assets could plummet if the stock market turns bearish.

“It’s just I’m still worried about a rug pull in the stock market. I mean, I fully expect a 20% drop in the S&P 500, and if I expect that, I expect crypto assets to suffer.”

While McGlone believes the crypto king will eventually hit his long-term price target of $100,000, he says that Bitcoin’s performance is still largely dependent on the price action of the stock market.

“Here’s the key difference I like to point out – Bitcoin ‘digital gold’ is going to do better, should continue outperforming most (other crypto assets)…

But I’m afraid Bitcoin might have pressure below $20,000, around $20,000. And at some point it’s going to get above $100,000. It just got to see how we get through this rug pull in the stock market.”

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