Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Bloomberg: bitcoin will soon be comparable to gold or Treasury bonds


April, 07 2023
watermark Economic news

Bloomberg Intelligence senior macro strategist Mike McGlone opined that the bitcoin network has never been as secure as it is today. The analyst also noted that the hashrate of bitcoin has increased by 25% since the beginning of the year, which indicates the maximum confidence of network participants for all time.


As it’s known, the higher this indicator, the more difficult it is to control the network or manipulate transactions. However, the hashrate of bitcoin not only doubled during the bear market of 2022, but also continues to grow. McGlone emphasizes that this is a rather remarkable fact, since direct attacks on miners by American regulators are still continuing.


The expert also noted that while regulators and central banks are trying to restore public confidence in the traditional banking system, the number of miners, nodes and BTC users continues to grow.


However, McGlone does not rule out that the value of bitcoin may suffer as a result of a reduction in liquidity in the US economy, which is associated with the tightening of the Fed's policy. But ultimately, the expert believes, this cryptocurrency will surpass most risky assets as it matures and will trade more like gold or long-term treasury bonds.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.