© Reuters
Investing.com – In a Bloomberg Intelligence report shared Thursday, senior macro strategist Mike McGlone said the network has never been safer than it is today.
In particular, he pointed out that Bitcoin’s hashrate has increased by 25% since the start of the year, indicating that the confidence of participants in the network has never been higher.
It must indeed be emphasized that the higher the index, the more difficult it is for anyone to control the network or manipulate the transactions. However, Bitcoin’s hashrate not only doubled during the 2022 bear market, but it also continues to rise, which is worth noting, as this rise comes despite direct attacks from US regulators against miners.
McGlone thus pointed out that as regulators and central banks work to restore public confidence in the traditional banking system, the army of Bitcoin miners, nodes and network users continues to grow organically.
Although he does not deny that the price of the cryptocurrency may suffer from the decrease in liquidity in the American economy, in connection with the tightening of Fed policy, he also predicted that the cryptocurrency will eventually trade more like de or a long-term treasury bond.
Recall that in an interview a few weeks ago, Mr. McGlone said that bitcoin will outperform most risky assets as it matures.