Bloomberg Intelligence's Senior Commodity Strategist, Mike McGlone, has identified Bitcoin as gradually transforming into a globally recognised alternative currency.

This shift comes amid a broader move towards intangible assets, with Bitcoin leading the cryptocurrency space in significance.

Despite this promising development, McGlone signaled caution, suggesting that Bitcoin faces a critical challenge as its value nears the $70,000 mark.

This pivotal moment for Bitcoin may see its fortunes intertwined with the broader financial market, particularly if there is a downturn in the stock market, which could subsequently impact Bitcoin's trajectory.