Bloomberg strategist Mike McGlone argues that leading cryptocurrency is the best bet for macro investors. Analyst Chris Burniske believes that unlocking Ethereum staking will have no bad consequences. Cardano founder Charles Hoskinson explains how Cardano beat Ethereum. Finally, attorney Jeremy Hogan discloses long-term crypto assets.
Bitcoin “Fastest horse” in crypto market
Bloomberg Intelligence strategist Mike McGlone says Bitcoin (BTC) may be the best bet for macro investors. But he warns that an impending recession could pose a threat to his earnings in the near term. In his new livestream with Scott Melker, McGlone notes that Bitcoin’s decentralized nature will protect it from US regulators who seem to be increasingly targeting the crypto space. Top US regulators have made it clear that they view Bitcoin as a commodity. McGlone shares this assessment:
This is the most important thing that makes Bitcoin stand out. You can’t do anything to it and you can’t kill it. Something unprecedented. Untouchable. When you hear about all these upgrades and people doing this and that to make it better, you can argue that Ethereum is a security. Ok, this is a little scary. You can’t do that to Bitcoin. So good and impressive.
McGlone says he is bullish on Bitcoin, but also says he expects a recession in the third quarter of the year that will put pressure on risky assets like BTC. He says OPEC’s decision on Sunday to cut daily oil production makes a recession more likely and the Federal Reserve raises interest rates to curb inflation. In this context, he makes the following statement:
Our economist Anna Wong said in our meeting this morning that yes, they predict the recession will start in the third quarter. Now they’re starting to pull a little forward. OPEC is helping with that. Fed tightening also helps. So all beings must fall. This means Bitcoin. He is the fastest horse in the race. So overall, I’m definitely relatively bullish.
Why is ETH unlocking a bullish thing?
Prominent analyst Chris Burniske recently shared his views on Ethereum staking unlocking and its potential impact on the market. Burniske argues that the Ethereum staking unlock is a bullish development in the medium to long term, contrary to the beliefs of some analysts who assumed that the event would put significant selling pressure on the asset.
Burniske’s perspective stems from the fundamental principle that investor confidence is a critical driver of market performance. When investors have more control over their funds, they are more likely to trust their investments and the overall ecosystem. This increased trust can also drive more investment and interest in the Ethereum network, contributing to the long-term growth of the asset.
Also, as Ethereum continues to evolve and expand its functionality, its potential for new and innovative use cases grows. These developments could further support Ethereum’s growth trajectory, attracting a wider range of investors. As more investors enter the market and contribute to Ethereum’s staking ecosystem, the asset’s value could be bullish, confirming Burniske’s bullish outlook.
It is also worth considering that not all investors who withdraw their staked funds will necessarily sell their holdings. Some may choose to reinvest in other Ethereum-based projects or hold their Ether in anticipation of a future price increase. This potential for different investor behavior can alleviate any sudden selling pressures created by unlocking the stake.
How is Cardano beating Ethereum in the crypto arena?
Blockchain developer and Cardano founder Charles Hoskinson has shared a new take on his major breakthrough, this time in terms of staking. Comparing it to Ethereum (ETH) as the largest PoS Blockchain by market cap, Hoskinson states that one feature of Cardano, in his opinion, lies in the number of unique addresses involved in the staking process. The chart provided by Hoskinson shows that the number of wallets of unique stake participants on Cardano is over 1.2 million. Meanwhile, the same number for Ethereum is 88,400.
One Blockchain developer says it’s as if many people decided years ago to create the perfect staking protocol and succeeded. Hoskinson’s figures are also partially confirmed by the Staking Rewards portal. According to the data, Cardano’s staking rate is 68.11% while Ethereum’s is 15.6%. This means that the number of un-redempted ADA transferred to staking is almost 4.4 times higher compared to ETH.
However, due to the price difference between Cardano and Ethereum tokens, the latter has a 3.5 times larger market stake at $34.29 billion. Also, according to the website, Ethereum has a higher staking reward than Cardano; 3.24% versus 4.92%. If we take into account the adjusted reward metric, which takes into account the adjusted annual reward rate for network supply inflation, the gap is even larger at 5.13% versus 0.17%.
Hogan holds 75% of his portfolio in XRP
Pro-XRP attorney Jeremy Hogan has revealed the long-term cryptocurrency holdings on his Ledger Nano. Notably, Hogan’s long-term crypto assets consist of more XRP than Bitcoin. According to the data added to the tweet, 74.3% of Hogan’s total long-term crypto assets are in XRP. In contrast, the partner at the Hogan & Hogan law firm allocates only about 25.7% of its long-term crypto assets to Bitcoin.
Commenting on the development, Hogan says he is an “XRPXRPXRPBTC Maxi”. This shows that XRP represents about three-quarters of its long-term holdings, while Bitcoin only equates to one-quarter.
However, Attorney Hogan did not disclose the number of XRP in the wallet. Still, members of the XRP community applauded Hogan for believing in the asset class, despite the ongoing legal battle between Ripple and the SEC. One XRP enthusiast encouraged people to buy XRP, saying, “Good. If XRP is good enough for the clever Jeremy Hogan, it’s good enough for you!” said.
cryptocoin.comAs you follow, Hogan is a longtime XRP lover and has always fought against the Securities and Exchange Commission to support Ripple. Like other pro-XRP lawyers, Hogan believes Ripple can win the case.
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