According to Mike McGlone, the main cryptocurrency still has potential for growth.
However, the digital coin consumes too much electricity, which was the main reason for the current price decline, a Bloomberg spokesman is sure.
Bloomberg strategist Mike McGlone said that bitcoin is still in a bull market and is on its way to the $ 100 thousand mark.
In his opinion, a large-scale correction of the cryptocurrency rate to $ 30 thousand caused its too high energy consumption, but this confirms its status as the largest in the world decentralized network.
McGlone also added that bitcoin mining is becoming more environmentally friendly.
#Bitcoin has backed up for reasons that support an extended bull market and a path to $100K. A bit hot in April, a primary factor cited for the crypto’s correction — excessive energy use — represents the strength of the world’s largest decentralized network, and getting greener pic.twitter.com/l6STK94ZNO
— Mike McGlone (@mikemcglone11) May 25, 2021
Earlier, Tesla and SpaceX CEO Elon Musk held a meeting with North American bitcoin miners to discuss the use of renewable energy sources for cryptocurrency mining.
Against this background, Bitcoin began to rise in value, the main cryptocurrency is traded on the Binance crypto exchange at $ 40.3 thousand per coin.
