A Bloomberg senior commodity strategist by the name of Mike McGlone argued that Bitcoin (BTC) demand will not be hurt amid increased regulatory scrutiny, but that of other cryptocurrencies like Ethereum’s Ether may take a blow.

During a stream with podcaster Scott Melker on April 3, McGlone stressed the fact that Bitcoin is simply unshaken by regulatory pressure:

“There’s so much disdain about regulators pushing back on the whole space, and that’s the key thing where Bitcoin sticks out,” also adding that the Bitcoin is “untouchable”. Yet, other he stated how and why other cryptocurrencies may be negatively affected amid increased regulation, and why Bitcoin is more immune:

“You could make a case that Ethereum is a security when you hear about all these upgrades and people doing this and people doing that to make it better, I’m like okay, well that’s kind of scary, can’t do that to Bitcoin, it’s why it’s fine and impressive.”

Recently, the crypto space has been invaded by regulatory pressure from financial watchdogs, notably the moves of the United States Securities and Exchange Commission (SEC). The SEC has recently filed charges against cryptocurrency exchange Kraken for its staking services, as well as suing stablecoin issuer Paxos over Binance USD-related matters.

Sources:

https://cointelegraph.com/news/bitcoin-untouchable-amid-regulatory-pressures-says-analyst

https://cointelegraph.com/news/kraken-down-sec-commissioner-rebukes-own-agency-over-recent-action

https://www.youtube.com/watch?v=NtkHYWTXQ5U