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Mike McGlone during an interview with David Lin told that bitcoin has been rising in recent days thanks to BlackRock’s bid to launch a spot ETF for BTC. However, the analyst recalled, no such application has yet been approved by the U.S. authorities, so the growth rate of BTC may be short-lived and bitcoin will soon collapse.
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“We have to hope that the regulator will approve the ETF.. Which is quite likely, since this is an application from BlackRock. That said, I expect bitcoin to grow in the long term. But there is a problem in the recession that could start in the U.S.. During a normal recession, risky assets fall, and cryptocurrencies are the riskiest assets. Bitcoin is the least risky, but I think there is a big downside risk. Maybe someday bitcoin will leave the status of a risky asset and be invested in it for protection, like gold or long-term bonds. But is this the time?”</nbsp;</nbsp "But is this the time?" argues McGlone.
Following BlackRock, four other companies applied to launch bitcoin spot ETFs: Fidelity, Invesco, Wisdom Tree and Valkyrie.