According to Bloomberg Intelligence Senior Macro Strategist Mike McGlone, the Bitcoin network has never been as secure as it is now.
He estimated that the Bitcoin Network Hash Rate has increased by as much as 25% since the beginning of the year. This illustrates a high level of trust in the BTC network among users who saw how profitable the flagship cryptocurrency could be. The higher the rate is, the harder it gets to exercise the outer control of the Bitcoin network and manipulate transactions. In fact, during the 2022 bear market, the hash rate doubled and kept increasing.
It is digital gold’s moment of glory despite excessive control over mining activities from US regulators.
While regulators and central banks are trying to restore public trust in the traditional banking system, the community of miners and BTC users is growing steadily, the strategist stressed.
Earlier, McGlone predicted that BTC would outperform most risk assets with time. He also suggests that the coin will soon trade like gold or treasury bonds.
He also reckons that the digital asset may suffer from the Federal Reserve’s monetary stance and shrinking liquidity in the American economy.
