Bloomberg Analyst Mike McGlone made a striking statement today regarding the US, Bitcoin, and Tether. In his post, the analyst poses a complex question reflecting the intricate relationship between crypto and the dollar: Is the bear market targeting America or the dollar? According to the analyst, the reality behind this question is that the rise of cryptocurrencies is not limited to Bitcoin alone.
The Defining Power of the Crypto Market According to the Analyst
Although Bitcoin remains the pioneer in the world of cryptocurrencies, the rise of stablecoins like Tether highlights the changing dynamics in this field, according to the analyst. Through Tether, the dollar has become a defining force in the cryptocurrency market, McGlone believes. This development indicates that the crypto market is becoming increasingly integrated and complex, the analyst suggests.
Another point the analyst emphasizes is Bitcoin ETFs. With the approval of Bitcoin ETFs, the growing institutional interest in cryptocurrencies becomes an even more significant topic. Accordingly, the analyst comments that traditional financial institutions are now seriously considering digital assets.
Adapting to New Economic and Technological Dynamics
The analyst believes that these developments in the crypto world reflect the political games of the traditional financial system. For instance, China’s restrictions on the crypto market and its accelerated accumulation of gold may reflect shifts in global political balances. The US’s move away from a “limitless friendship” policy during this process highlights the need to adapt to new economic and technological dynamics.
Reading between the lines of the analyst’s post, it seems that America needs to offer incentives to embrace new technology. However, the extent to which these incentives will affect the crypto market and shift international political balances remains uncertain.
The analyst clearly states that the US should encourage cryptocurrencies and the underlying technology. It seems we have reached a stage where US policies cannot function without cryptocurrency. Whether McGlone’s advice will be heeded is uncertain, but the maturing crypto market seems inevitably set to transform the US in the near future.
