04-04-2023 icon

Bitcoin ‘Untouchable’ in the Midst of Managerial Tension

By Lucy Adegbe

Bitcoin remains “untouchable” notwithstanding the current managerial tension in the digital currency space and those with little to no digital currency exposure intensely being ridiculous, Mike McGlone, the lead commodity sourcing strategist at Bloomberg stated.

In a Monday stream with digital currency audio caster Scott Melker, McGlone contended that in contrast to other existing alternative coins like Ether, Bitcoin is relatively immune to being destroyed by national managerial bodies due to its more decentralized nature.

According to him, there is so much contempt for managerial bodies repelling the entire system, and that appears to be the major thing where Bitcoin persists.

You can begin to argue that the Ether coin falls as a security when you get the details about all the modifications alongside the people staying committed to helping it improve, McGlone, highlighted. However, “can’t do that to Bitcoin, it’s why it’s fine and impressive,” he added.

The digital currency space has recorded numerous clampdowns in the US within the past weeks, from the nation’s Securities and Exchange Commission pressing charges against digital currency trading platform Kraken for its staking activities to indicting stablecoin coin holder Paxon over Binance coin.

Regardless, McGlone remarked that he still senses a bullish action from BTC although its market trade rate is likely to plunge in response to various assets due to a possible recession.