Senior Macro Strategist Mike McGlone made assessments about the future of Bitcoin. McGlone noted that recently, Bitcoin has seen an uptick for BlackRock's Bitcoin Spot ETF application. He warned, however, that this rise may be temporary and the ETF application has yet to be approved.

McGlone stated that Bitcoin is still dependent on the stock market and is traded as a risky asset. He said that Bitcoin performs depending on market liquidity and must be able to weather a recession and differentiate from traditional stocks in order to exhibit strength independent of the stock market.
The strategist emphasized that Bitcoin must prove to outperform other assets. He stated that the current price level is too risky, especially if the global economy goes into recession, risky assets will suffer.
Regarding the regulatory environment, McGlone acknowledged that there is pressure on the industry. But he said he believes such regulatory actions are necessary to prevent the excessive speculation that accompanies revolutionary technologies. McGlone emphasized that there are thousands of cryptocurrencies, but only a few that have significant technological impact, such as Bitcoin and Ethereum.
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