Despite the significant losses, McGlone believes that BTC is positioned for further price gains.
Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, said Bitcoin remains a “Buy” despite Tesla‘s (NASDAQ: TSLA) comment on the digital coin over environmental issues. McGlone said Musk’s comment that Bitcoin may be bad for the environment is not a relevant factor to prevent the digital asset from increasing in value.
On the 12th of May, Musk revealed on Twitter that the EV company has “suspended vehicle purchases using Bitcoin.” Musk said that Tesla is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”