Senior macro strategist at Bloomberg Intelligence Mike McGlone presented his latest outlook on the cryptocurrency industry, focusing on topical issues such as liquidity, regulatory frameworks, stablecoins and, of course, Bitcoin (BTC). Regarding the latter in particular, McGlone highlighted an important point, stating that the Bitcoin network has never been as secure as it is today.
As the macro strategist reports, Bitcoin's hashrate has risen by an impressive 25% since the start of the year, suggesting that the confidence of network participants is now at its absolute highs. This is despite direct attacks by U.S. regulators on miners, the analyst notes.
The higher the index, the harder it is for anyone alone to control the network or manipulate transactions, and Bitcoin's hashrate not only doubled during the 2022 bear market, but continues to increase, the analyst enthuses. While regulators and central banks are trying to shore up confidence in the traditional system, the armor of miners, nodes and users on the Bitcoin network continues to grow organically, he concludes.
Is Bitcoin (BTC) gold 2.0?
At the same time, McGlone still sees vulnerabilities in the price of the major cryptocurrency, which is regarded as a risky asset as of now.
While the strategist does not reject the idea that the price of BTC could suffer from dwindling liquidity in the U.S. economy, he makes the prediction that at one point the cryptocurrency will transition and trade more like gold or a Treasury bond.