Mike McGlone, during an interview with David Lin, said that Bitcoin has been growing in recent days thanks to BlackRock’s application to launch a spot ETF on BTC. However, the analyst recalled, so far not a single such application has been approved by the US authorities, so the growth in the BTC rate may turn out to be short-lived and bitcoin will collapse soon.
“We have to hope that the regulator will approve the ETF. Which is quite likely, because this is an application from BlackRock. At the same time, I expect Bitcoin to grow in the long term. But there is a problem with the recession that could start in the US. During a normal recession, risky assets fall, and cryptocurrencies are the most risky assets. Bitcoin is the least risky, but I think there is a big downside risk. Perhaps someday bitcoin will leave the status of a risky asset and will be invested in it for protection, like in gold or long-term bonds. But is this time? .. ”McGlone argues.
Following BlackRock, four more companies filed their applications to launch spot ETFs for bitcoin: Fidelity, Invesco, Wisdom Tree and Valkyrie.
Source: Bits
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