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.
