As the world celebrates the launch of spot Bitcoin (BTC) ETFs, Bloomberg commodity strategist Mike McGlone has hit the headlines for his contrarian views on the leading cryptocurrency.
Multiple companies battled regulatory challenges for ETFs in 2023 before they got a go-ahead from the US Securities and Exchange Commission to roll out these ETFs. As expected, the ETF launch resulted in a spike in Bitcoin’s price although it soon fell back again.
McGlone, however, claims that Bitcoin can face tailwinds in 2024 due to a lagging Bitcoin/Gold cross rate. He said gold might have an edge over Bitcoin, especially under volatile market conditions.
The market also had something to cheer after InQubeta (QUBE) registered an increase in its whale activity. The platform supports startups working in artificial intelligence by helping them raise funds and scale their businesses. In 2023, the cryptocurrency made its way to analysts’ best cryptocurrency ICO lists due to its presale growth. Its ICO has so far raised $8.3 million.
InQubeta: A guide to success for AI startups
InQubeta facilitates interactions between investors and startups through a transparent NFT marketplace. Here, the offers submitted by startups are minted and sold as NFTs.
The offers stand for the rewards that an investor can get if they choose to back a startup’s project. Using InQubeta’s native cryptocurrency – the QUBE token – investors can buy either the whole NFT or a part of it.
InQubeta is an AI-based altcoin that has an eye on the future. By opting for it, one wouldn’t have to worry about what cryptos to buy now. The QUBE token is a deflationary cryptocurrency that acts as a shield against inflation for a portfolio.
When the market conditions are not ideal, the model restricts the availability of the QUBE token. Hence, even though the demand stays high, its supply isn’t enough. The difference pushes the token’s value and reduces price fluctuations. If the supply rises for any reason, the extra tokens are burned to reduce it again.
There are times when internal inflation can also decrease the value of the QUBE token. Here too, the deflationary mechanism is used to bring down the supply. Whenever there is an unprecedented number of tokens bought or sold, there’s a risk of internal inflation. To avoid the risk of internal inflation, the team burns 1% of the tax proceeds, so the supply doesn’t increase. The remaining tax collections are used for funding staking pools, paying for marketing activities, and pumping liquidity into the platform.
Argentine landlord, tenant sign Bitcoin-based rental contract
Whether it is its standing as the most popular crypto coin or the recent SEC approval for ETFs, there are many reasons why market experts are calling Bitcoin the best cryptocurrency to buy this year.
The first crypto asset to be launched, Bitcoin is powered by the proof-of-work consensus protocol. Its native token is BTC and it’s used for all transactions on the platform.
Bitcoin’s rising popularity has sparked several use cases. In some countries, it’s used as legal tender, while others like Argentina allow it to be used in contracts. Recently, a landlord and tenant in Argentina signed a rental contract. According to the one-of-its-kind contract, the tenant would have to pay the rent in terms of Bitcoin every month.
However, a note of caution has entered the BTC narrative after Bloomberg commodity strategist Mike McGlone expressed his doubt about the sustainability of the cryptocurrency’s current price and potential rise.
Citing his analysis of the Bitcoin/gold cross rate, McGlone said that in 2024, gold is likely to have an edge over the pioneering cryptocurrency.
There’s a section of analysts who agree with McGlone but they advise BTC holders to exercise caution rather than rushing through decisions when it comes to their crypto portfolio.
As we enter 2024, all eyes are on what coins to watch this year. Continuing with their optimism for InQubeta, as well as Bitcoin, analysts have been vocal about why these two cryptocurrencies are among their top picks.
While their growth potential makes them ideal for long-term investment goals, their code architecture boosts their capability to keep up with advancements in technology.
The two cryptocurrencies have been created using strong security frameworks so that crypto users can be assured about the safety of their assets.
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