Bitcoin is "Untouchable" Despite Regulatory Pressures
Bitcoin, the latest cryptocurrency in the world, is intangible, according to senior commodity strategies Mike McGlone. He believes it is more decentralized than other cryptocurrencies, such as Ether. McGlone argues that Bitcoin is “Untouchable” despite regulatory pressures. Those who don’t have some crypto exposures are seriously silly.
- Decentralization of Bitcoin
During a recent discussion with crypto podcast Scott Melker, McGlone explained that Bitcoin stands out from other cryptocurrencies. It is just because of its resistance to regulation. Furthermore, he pointed out that no regulatory pressure can kill it, making it unprecedented and untouchable.
- Ethereum defenseless to the regulatory burden
McGlone added that, in contrast, Ethereum could classify as a security due to the constant upgrades. He finds it scary and believes it makes Ether vulnerable to regulatory pressure.
- Controlling pressures in the crypto industry
The crypto industry has been under much scrutiny by (SEC). It is taking action against crypto exchange Kraken for its staking services. It is suing stablecoin issuer Paxos over Binance USD. The regulator has also proposed rule changes for crypto firms acting as custodians.
- Bitcoin Ruins Potential Price fall
Despite these regulatory pressures, McGlone is still bullish on Bitcoin. It expects the price to fall along with other assets in a recession. He had previously warned that Bitcoin might not see the surge predicted due to challenging macroeconomic conditions and pressure from interest-rate hikes.
- Bitcoin goes down in a recession.
McGlone believes that the recent decision by the Organization of the Petroleum Exporting Countries. It reduces daily oil output and causes a recession. It is more likely, along with interest rate hikes from the Federal Reserve, to go down on inflation. Thus, Bitcoin is “Untouchable” despite regulatory pressures.
As a result, he expects all assets, including Bitcoin, to go down—Bitcoin is the fastest horse in the race and, therefore, relatively bullish.
- Exposure to Crypto for money managers
In McGlone’s opinion, it is ridiculous not to have some exposure to Crypto to resist it. He suggests that it is a revolutionary asset. Anyone who manages money should have at least some of it in their portfolio to avoid looking like an idiot over time.
- Bitcoin untouchable to Senior commodity Strategist
McGlone concludes that the intelligent guys understand the potential of Crypto and its underlying technology. Those who ignore it risk being left behind, like Blockbuster or Sears.
He considers that Crypto is here to stay and will revolutionize the financial industry. It is imperative for anyone managing to have at least some exposure to it.
Conclusion
Senior commodity strategies Mike McGlone believes Bitcoin is untouchable due to its decentralized nature. It makes it resistant to regulatory pressure. At the same time, the crypto industry is facing regulatory pressures. McGlone argues that Bitcoin is Untouchable despite regulatory pressures.
Despite expecting a potential price fall in the event of a recession. McGlone suggests that Ethereum is vulnerable to regulatory pressure due to constant upgrades and improvements. He concludes that those who pay attention to the potential of crypto risk include. It is ridiculous not to have some exposure to it.