Main navigation

Bloomberg Strategist Unveils This Rare Bitcoin Competitor

Mon, 08/28/2023 - 15:21
article image
Godfrey Benjamin
Bloomberg expert unveils major impediment for Bitcoin's hopes of bull run
Bloomberg Strategist Unveils This Rare Bitcoin Competitor
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bloomberg strategist Mike McGlone has pointed out that a new economic reality is dawning on Bitcoin (BTC), which appears to be a major competitor for the premier digital currency. According to the analyst, the realities of Bitcoin competing with a 5% interest rate in Treasury Yield might stump its growth in no small measure.

Bitcoin Bull Run in Early Stages as Major Holders Accumulate: Bloomberg Analyst

Bitcoin analogy

The Bloomberg market expert likened Bitcoin to a "teenager raised on a high-sugar/stimulant diet of extraordinarily low-interest rates and facing weaning."

He presumed that the majority of the positive network features, like its limited supply and early adoption trend that gave Bitcoin an upper hand in the early days, cannot help it withstand the shift in interest from government bonds that offer so much safety.

McGlone also noted that there has been growing profitability in the broader market owing to deflating producer prices. All these macro trends can shift the interest of the top institutional investors from the highly volatile crypto ecosystem to the traditional stock market.

Bitcoin has been confronting a lot of key downtrend pressures in the past few days as a mix of market sentiment is deflecting interest among buyers. At the time of writing, the premier digital currency is changing hands for $26,112.27, down by 1.33% over the past 24 hours.

While Bitcoin maintains a close correlation with the broader stock market, the coin might soon wriggle away from its current bearish gaze based on growing sentiment around it.

If Bitcoin (BTC) Stalls at $30,000, Here's What May Happen to Economy: Mike McGlone

Spot Bitcoin ETF Intrigue

There are typically two ways to drive growth in the crypto world, and the first is financial misfortune on the traditional markets, which can benefit Bitcoin and the crypto world. The second is based on a very promising event or news that can shape the future or adoption of the coin.

The narratives around the anticipation of a spot Bitcoin ETF being approved by the U.S. SEC remain a focal point to help chart the most ambitious leap in the BTC ecosystem moving forward.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.