cryptoupdate
Contributor
Bitcoin's decentralized nature makes it immune to regulatory crackdowns, according to Bloomberg's senior commodity strategist Mike McGlone.
He argues that Bitcoin's high level of decentralization sets it apart from other cryptocurrencies like Ether, making it less susceptible to external influences and more secure in terms of its network and transactions. This makes it a wise investment choice for those seeking to diversify their portfolio and hedge against inflation.Despite recent regulatory pressures in the crypto sector, McGlone remains bullish on BTC. He believes that Bitcoin's unique qualities make it a standout asset that is likely to continue to thrive. While the crypto space may face challenges from regulators, Bitcoin's decentralized nature makes it untouchable and less likely to be killed off. This is in contrast to other cryptocurrencies like Ether, which could be considered security due to the constant upgrades and changes being made to improve it.
However, McGlone warns that BTC's price may decrease if a recession hits. The decision made by the Organization of the Petroleum Exporting Countries (OPEC) to reduce daily oil output and the Federal Reserve's interest rate hikes to clamp down on inflation will contribute to this outcome. This will cause all assets to decrease in value, including Bitcoin...read more
