Bitcoin is regarded as ‘untouchable.’ according to an expert, despite regulatory constraints
Bitcoin is a currency “According to senior commodities analyst Michael McGlone, it is “untouchable” since it is more decentralized than other cryptocurrencies in the market such as Ether.
The crypto industry has lately experienced a wave of crackdowns in the United States, with the Securities and Exchange Commission (SEC) charging crypto exchange Kraken for staking services and subsequently suing stablecoin maker Paxos over Binance Dollar BUSD. The agency also recommended regulatory modifications aimed at cryptocurrency businesses that act as custodians.
McGlone added that he is still enthusiastic about Bitcoin, but that if a recession occurs, the price would fall along with other assets.
In in January, he cautioned that BTC would not experience the expected spike because of tough macroeconomic circumstances and pressure from interest-rate hikes.
According to McGlone, the Organization of Petroleum Exporting Countries (OPEC) decision to limit daily oil supply on April 2 makes a recession more probable, as do Federal Reserve interest rate rises to combat inflation.
“We had our morning call this morning, and our economist Anna Wong said, Well, their base case is for the recession to start in Q3,” he said.
“OPEC is assisting with this. Fed tightening is assisting in this regard. As a result, all assets must be liquidated. It includes Bitcoin. It’s the race’s quickest horse. So, generally, I’m quite optimistic.”
According to one expert, Bitcoin is expected to outperform other crypto assets after the financial crisis.
It’s “really foolish,” according to McGlone, to risk not having any exposure to crypto or to attempt to obstruct its progress.
“”If you’re a money manager, why take the risk of not having any of this revolutionary asset, especially when 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 added.
“The clever folks understand; we’re not going to be Blockbuster or Sears, but we’re going to be a part of this technology.”