Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, said that Bitcoin’s (BTC) relative discount to its high hash rate in October was the largest since the first quarter of 2020. This suggests that Bitcoin may soon return to “its tendency to outperform most assets.”
The Bloomberg analyst claimed on October 19 that the risk/reward ratio for Bitcoin was “leaning favourably” based on its rising hash rate, which is a gauge of a blockchain’s processing power and security.
