Bitcoin (BTC) Statement by Analyst at Financial Company Barclays

Barclays, the world's leading large financial group company, made important statements regarding Bitcoin (BTC). The renowned financial company announced that it remains positive about its long-term sustainability and sees Bitcoin mining company Core Scientific (CORZ) as a "strong, best-in-class company in the crypto ecosystem."

The cryptocurrency winter has been a challenging one for miners, who have felt their profit margins shrink as the price of Bitcoin has fallen by more than 50% this year, energy prices have soared and capital has been scarce. Barclays analyst Ramsey El-Assal initiated coverage of Core Scientific with an Overweight rating based on his long-term bullish view on BTC. Shares of BTC mining company Core Scientific have also been on the rise after the price of the cryptocurrency leader Bitcoin recently surged back above $20,000. Compass Point supported this positive view of the company in an analysis published last week. In a note to clients, it explained that Core Scientific has the scale and experience to weather the downturn in the BTC market. Other reasons for El-Assal's optimistic view include: "the flexibility and geographic diversification provided by Core Scientific's hosting and independent mining revenue streams." The company produced 1,334 Bitcoin (BTC) at the end of August, a 9% increase compared to the previous month. Due to the decline in cryptocurrency prices since May, many companies that had not previously sold their BTC had abandoned this practice and sold BTC to cover their expenses. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!   The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.