Bitcoin is “untouchable” despite ongoing regulatory pressures in the crypto sector, according to senior commodity strategist Mike McGlone. McGlone argues that Bitcoin is more decentralized than other cryptocurrencies in the space, such as Ether, which makes it difficult to be killed by regulators. Bloomberg’s senior commodity strategist states that those who don’t have some crypto exposure are “seriously silly”.
Bitcoin Vs. Other Cryptocurrencies
Mike McGlone suggests that Bitcoin is more decentralized than other cryptocurrencies like Ether, which makes it immune to regulatory pressures. The strategist says that Bitcoin is “untouchable” because of its resistance to regulations. McGlone also argues that regulators may view Ethereum as a security because of its upgrades, which makes it easier to improve, unlike Bitcoin, which cannot be improved in the same way.
The Impact of Regulatory Pressures
The crypto sector has faced regulatory pressures recently, with the U.S. Securities and Exchange Commission filing charges against crypto exchange Kraken for its staking services, and suing stablecoin issuer Paxos over Binance USD. The regulator also proposed rule changes targeted at crypto firms operating as custodians. Despite these regulatory pressures, McGlone believes that Bitcoin remains “untouchable”.
Bitcoin Price Expectations
Mike McGlone is bullish on Bitcoin, but he expects the price to go down again in step with other assets if a recession hits. He warned that Bitcoin might not see the surge being predicted just yet, as there are challenging macroeconomic conditions and pressure from interest-rate hikes.
Why Take the Risk of Not Having Some of This Revolutionary Asset?
According to McGlone, it’s “seriously silly” to risk not having some exposure to crypto or trying to stand in its way. He suggests that money managers should take the risk of having some of this revolutionary asset because it’s controversial and they don’t want to look like an idiot over history. The strategist argues that those who don’t have some crypto exposure are missing out on a revolutionary asset.
Conclusion
In conclusion, Bitcoin remains “untouchable” because it’s more decentralized than other cryptocurrencies in the space, such as Ether. Despite regulatory pressures, McGlone believes that Bitcoin will remain a revolutionary asset. He argues that money managers should take the risk of having some exposure to crypto because they don’t want to miss out on this revolutionary asset.
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