Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock M

[sirty143]

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned... See more for yourself here.

Your opinion is greatly appreciated.

[Lucius]

Mike has an interesting opinion, but I would not agree with him when it comes to Bitcoin as a currency, because most investors perceive it only as a speculative asset - and we can say that all those who invest in Bitcoin through ETFs very likely never did (and very probably won't) make a single transaction that will include Bitcoin as a means of payment for goods or services.

Personally, I would like Bitcoin to be used more as a currency, but we all know that on-chain transactions are not instant and that even a $1 fee is a problem for some. LN is something that can overcome these problems, but it is still some other level that needs to be simplified as much as possible so that people start using it more.

[TomPluz]

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” Your opinion is greatly appreciated.

I am hoping that this is one of the many recognitions from the mainstream financial world that Bitcoin is getting this 2024 and beyond. I am sure that finally we can say that Bitcoin has arrived and Wall Street has not choice but to give it a big space most especially that this is where excitement, growth and profits can be made. Big financial institutions including big multi-billion dollar banks are now allotting a space for Bitcoin all because they don't want to miss any possible profit opportunity. The approval of many ETFs cemented this whole thing...and I am sure that 2024 is going to be a watershed year for Bitcoin for whatever ramifications this would have on the King of Cryptos.

[Aanuoluwatofunmi]

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned... See more for yourself here.

Your opinion is greatly appreciated.

He is not wrong about his perception, bitcoin is already a global and an acceptable digital currency, we have the adoption going all over the world and people are keeping up with this, some already have made it an alternative digital currency for themselves without having to wait on the government adoption as a legal tender since they have realized how bitcoin could help increase their economy and financial growth if adopted.

[Captain Corporate]

I would say not alternative but maybe reserve currency could be a reasonable approach to it. At the end of the day a lot of money goes in and out of governments, and they all have some money on the side, they invest into multiple different sources and that makes sense, I can totally understand it. Which means that we are going to end up with a situation that makes a ton of return for governments if they invest into something that makes sense. I personally believe that the best thing to do would be investing into bitcoin as well and have some bitcoin reserves in the treasury as well.

[Z-tight]

BTC has always been an alternative currency, that is what Satoshi created it to be, i know that most people these days simply want to make money from BTC, but that does not change the fact that it is money and people spend it on many things regularly, whether online or in physical shops. The demand for BTC is going to increase now that it is in a bull run, this is what usually happens when the halving is coming and the price starts to rise, there is usually fomo and a lot of weak hands want to get it.

[yhiaali3]

I am a fan of Bitcoin, but I am realistic, Bitcoin is not yet suitable to be an alternative global currency due to known problems in the network such as scalability, speed, and high fees.

Bitcoin carries in its structure the specifications of the main global currency, not the alternative, but there are problems that must be overcome first. Imagine, for example, if global adoption occurs and there are millions of transactions that occur every second on the network, what will happen?

Of course, Bitcoin in its current state will not be able to process this huge amount of transactions at the required speed, in addition to price fluctuations that make things more difficult.

[Don Pedro Dinero]

I too am sceptical that bitcoin can become a global reserve currency. If you had asked me 5 years ago or more, I would probably have said yes, but the way things have developed, I don't see it happening. We are on a different path, mainly as a financial asset for investment, which is a very good investment, but the use of bitcoin as a currency is in the minority. I wouldn't mind if it happened, but for that to happen there would have to be a massive shift in use, which I don't quite see.