- Senior macro strategist at Bloomberg Intelligence believes that the Bitcoin community has by no means been safer than it’s now.
- McGlone predicts that the cryptocurrency will ultimately commerce extra like gold or a Treasury bond in the long term.
Senior macro strategist at Bloomberg Intelligence Mike McGlone believes that the Bitcoin community has by no means been safer than it’s now. McGlone shared his views on the cryptocurrency business on LinkedIn, specializing in sizzling matters like Bitcoin, liquidity, regulatory frameworks, and stablecoins.
He factors out that Bitcoin’s hashrate has elevated by a powerful 25% because the starting of the 12 months, indicating that community members’ confidence is now at an all-time excessive.
The upper the index, the harder it’s for anybody to manage the community or manipulate transactions. And Bitcoin’s hashrate not solely doubled through the 2022 bear market, however it’s nonetheless rising. That is regardless of direct assaults on miners by US regulators, in response to the strategist.
Whereas regulators and central banks work to revive public belief within the conventional banking system, the Bitcoin community’s armory of miners, nodes, and customers continues to develop organically, McGlone emphasised.
Bitcoin will commerce like gold or a treasury bond, McGlone predicts
Nonetheless, McGlone nonetheless sees vulnerabilities within the worth motion of Bitcoin, which is thought to be an especially risky asset.
Whereas McGlone doesn’t deny that the worth of Bitcoin might undergo from dwindling liquidity within the US financial system, he predicts that the cryptocurrency will ultimately commerce extra like gold or a Treasury bond in the long term.
In an interview with David Lin earlier, McGlone stated that Bitcoin will outperform most danger property because it comes of age. Traditionally, it’s the banking disaster that has decided the worth of Bitcoin at completely different junctures. The final banking disaster (referring to the 2007-08 monetary disaster) noticed its beginning and the present one is defining it. Its worth would possibly fall within the brief run however it is going to outgrow that part and switch right into a bullish asset.
Bitcoin has been buying and selling across the $28,000 mark for the previous few days. At press time, it was buying and selling at $27,955.73.