Bloomberg Analyst McGlone Asserts Bitcoin’s “Untouchable” Status
Bitcoin is “untouchable” because it is more decentralized than other cryptocurrencies, according to Bloomberg’s senior commodities analyst, Michael McGlone. In a recent webcast with crypto podcaster Scott Melker, McGlone noted that US regulators have been particularly harsh on the cryptocurrency industry. Still, he believes that Bitcoin cannot be extinguished by authorities because it is more decentralized than other cryptocurrencies like Ether.
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Bitcoin is “Untouchable”
Despite the ongoing regulatory challenges, McGlone remains optimistic about Bitcoin and believes that those who don’t have any exposure to the cryptocurrency market are “really foolish.” He cautioned, however, that Bitcoin’s value might fall along with other assets if a recession occurs. In January, he had warned that BTC’s expected ascent could be delayed by difficult macroeconomic circumstances and pressure from interest-rate rises.
According to McGlone, OPEC’s decision to limit daily oil supply increases the likelihood of a recession and interest rate rises by the Federal Reserve to curb inflation. The Federal Reserve’s recent tightening has been beneficial in this regard, and all assets could decline with Bitcoin as well, he said.
Bitcoin’s Resilience amid Regulatory Challenges
However, despite the potential risks, McGlone thinks it’s “really foolish” not to have any crypto exposure or to attempt to stop it. “Simply put, if you’re a money manager, why take the risk of not having any of this revolutionary asset, especially given it’s so contentious? You want to have at least some in it because you don’t want to appear like an idiot over history,” he said.
Bitcoin has been the top-performing asset class over the last decade, and its popularity shows no signs of waning. Institutional investors have been buying large amounts of Bitcoin, and major companies, including Tesla, have added it to their balance sheets. Despite the regulatory challenges, the cryptocurrency market continues to show resilience, and Bitcoin’s continued popularity among investors is a testament to its value as an asset class.
