Mike McGlone is a well-known Bitcoin fan who regularly comments on what’s happening with the first cryptocurrency. Particularly, in October 2022 he stated, that BTC passed to the stage of non-stop maturity, referring to steady growth of this asset’s value.

Also in January 2023, he advised investors not to rush to rejoice in the then-existing jumps in Bitcoin’s exchange rate. As McGlone explained at the time, a true bull run – the growth phase of the cryptocurrency industry – must wait for the Federal Reserve to lower its benchmark interest rate.

The events of the first quarter have proven this statement wrong, though. Still, BTC jumped nearly 70 percent in the first three months of this year. The leader among the top coins in terms of market capitalization in this context was Solana SOL, which gained almost 105 percent.

Why get in touch with Bitcoin

McGlone shared his thoughts during another podcast airing titled “Cyber Bitcoinisation”. Here’s one of his statements, in which the analyst shared his perspective on what’s happening.

Investors are predominantly neglecting the fact that regulators are putting pressure on the entire industry. This is the key point at which Bitcoin stands out. You can’t do anything about it, it can’t be destroyed. It is simply unprecedented – it is untouchable.

Note that regulatory pressure on Bitcoin is sometimes not as severe as on other cryptocurrencies. In particular, SEC Chairman Gary Gensler has previously stated on multiple occasions that he considers virtually all cryptocurrencies to be unregistered securities. The only exception here is Bitcoin, whose creator is anonymous, well the cryptocurrency itself was distributed without any prior sales stages. So, BTC is really unlikely to be destroyed, but the authorities don't really want to do that.

Bitcoin is the cryptocurrency with the largest capitalisation and blockchain lifetime, and among large investors, it is BTC that has the most credibility. In addition, it is Bitcoin that is most often bought by those investing in the crypto industry for the first time. Then again, the Bitcoin network today has the most miners around the world, who spend a huge amount of electricity for the sake of generating revenue while securing the BTC blockchain at the same time.

In this respect, the major cryptocurrency really has no competitors. McGlone continues.

One could try to prove that Etherium is a security. ETH is constantly improving, going through new upgrades, with a huge team of people working on “improving” it. To me, that’s a bit daunting. With Bitcoin there is no such constant change, so it is beautiful and impressively stable.


This argument is rather dubious, because Bitcoin's blockchain still manages 5-7 transactions per second, which means it is not suitable for mass use on a daily basis. And it is the developers' desire to move forward that has led to the current state of affairs in the world of digital assets. For example, the already familiar Solana network is able to conduct thousands of transfers per second - and that is much better than the situation with BTC and ETH.

In addition, there are no decentralised finance platforms based on the Bitcoin network, which still attracts a lot of people to the world of cryptocurrencies. So this conservatism is definitely not relevant for digital assets.


According to Cointelegraph’s sources, US regulators have put a lot of effort into cracking down on altcoins and crypto platforms over the past few weeks. Earlier, the US Securities and Exchange Commission (SEC) banned staking for US customers on Kraken and also suspended Paxos from issuing BUSD stabelcoin. Again, SEC chairman Gary Gensler has also openly called most altcoins unregistered securities, expressing a willingness to fight their manifestations.

???? YOU CAN FIND MORE INTERESTING STUFF ON OUR YANDEX.ZEN!

According to McGlone, he expects the global price of Bitcoin to continue to rise, although the value of the main cryptocurrency could still collapse in the near term due to the recession in the US economy. A decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut daily oil production makes a recession more likely – as does an increase in interest rates by the Federal Reserve to curb inflation, which is reluctant to return to target levels just yet.

Here’s another quote on the subject.

We had a meeting this morning and our economist Anna Wong said: “Yes, their baseline scenario assumes a recession will start in the third quarter. OPEC is contributing to that. The Fed’s policy tightening is contributing to it. So all assets should fall – Bitcoin included.

However, investors will “look foolish” if they don’t allocate at least part of their portfolio to BTC, McGlone notes. Here’s another of his rejoinders.

If you’re a fund manager, why take the risk of not having part of this revolutionary asset – and especially because it’s so controversial. You need to allocate at least some capital to it so you don’t look like an idiot in history afterwards. The smart guys understand that. We are not going to be Blockbuster or Sears, we need to become part of this technology.

Blockbuster and Sears were once popular brands in America and were predicted to just explode in popularity. However, trends have changed and both companies have become irrelevant compared to their competitors. However, this comparison is more apt for joking useless cryptocurrencies, not Bitcoin.


The Bloomberg analyst seems to have a rather conservative attitude towards the cryptocurrency world and recognises Bitcoin exclusively. And while this approach may not be the most profitable over the long term, it is somehow better than keeping all your savings in national currencies in a bank. As the events of March have shown, the banking industry could easily face major problems, the consequences of which would affect all customers of the financial institution. So insurance in the form of BTC or other coins is quite a promising option.


What do you think about this? Share your opinion in our ex-rich cryptochat. There we discuss other serious events that affect digital assets in one way or another.