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BTC Under expert review, Bitcoin faces an uncertain situation
Macroeconomist Lin Alden expressed concern about the current situation of Bitcoin, pointing out that in the current market cycle, investor confidence is at its weakest stage. Alden, known for her in-depth research on Bitcoin, believes that the long-term success of the cryptocurrency should rely on its intrinsic characteristics, such as liquidity and its role as a store of value, rather than on external intervention.
What caused the decline?
Alden believes that it is unlikely that there will be any new external catalyst to push up the price of Bitcoin in the short term. She pointed out that the resilience of such digital assets depends largely on their structural attributes. Recent changes in the market have shown a more fragmented pattern, leading to weakening investor interest and increasing frustration, which is completely different from the market sentiment when Bitcoin fell to $16000 in 2022.
Where are the strategic factors reflected?
In the context of institutional consolidation and corporate treasury strategies, companies like Strategy that hold large amounts of Bitcoin are under close scrutiny. Strategy recently reported selling 3588 bitcoins, highlighting the scrutiny surrounding its bitcoin-backed capital framework. Despite the pressure, Alden pointed out that tools like Strategy\'s STRC provide investors with a way to indirectly participate in Bitcoin\'s strategic dynamics.
Alden warned that some high-yield bitcoin-related products, whose success or failure is highly dependent on the price of Bitcoin, could encourage excessive leverage.
In order to meet investors \'needs for security, companies have taken measures to strengthen the collateral framework and add safeguard mechanisms. However, Alden believes that the effectiveness of these measures will largely depend on future valuations of Bitcoin. Strategy recently sold 3588 bitcoins worth approximately $216 million.
Alden predicts that Bitcoin will not hit a breakthrough record high this year. During the restructuring process, Alden reminded investors to be cautious about debt positions associated with the volatile Bitcoin market.
Alden also commented on the ongoing discussion of the Bitcoin Improvement Proposal (BIP 110), which aims to optimize network efficiency by limiting data-intensive transactions. She advocated caution and a comprehensive review of rapid changes to the agreement, emphasizing that doing so may increase complexity and pose security risks.
Among the many views on Bitcoin\'s progress and the steps required for its sustainable growth, Alden has always called for deliberation rather than rush for success. Her views emphasize the importance of evaluating technical advantages and potential flaws to maintain Bitcoin\'s economic balance.
