- Mike McGlone warns that Trump’s tariff wars and rampant speculation could lead to a significant crypto correction, with Bitcoin possibly dropping to US$10K for a market cleanse.
- Despite his harsh views on market excess, McGlone acknowledges the underlying crypto technology’s promise, citing examples like Tether’s strength and potential.
Oh, boy. This is a spicy one: Bloomberg analyst Mike McGlone stated that Bitcoin is crashing all the way down to US$10K (AU$16.6K).
In an exclusive interview with Cointelegraph, McGlone predicted a significant correction in crypto assets and warned that BT could drop as low as $10,000 due to excessive speculation and overvaluation.
He further cautioned that the asset’s current valuation might face substantial downward pressure as part of broader market adjustments, adding that the digital gold narrative is increasingly under stress.
Highlighting the misinterpretation of investment products, McGlone noted:
Anybody who bought ETFs is learning the hard way. They did not buy digital gold. They bought more of a value of leveraged beta. That’s a fact.
Mike McGlone, BloombergRelated: Bitcoin Address Poisoning Scam Surges, Lopp Reveals Blockchain’s Vulnerabilities
A ‘Sell What You Can’ Market
In a post on X, McGlone highlighted the risks inherent in highly speculative crypto assets, stating:
In a sell what you can market, highly speculative and volatile cryptocurrencies with lots of froth lose. Gold may suffer margin calls initially, but T-bonds typically win, especially when they yield over double the deflation leader – China.
Mike McGlone, BloombergMoreover, McGlone stated in the interview that the market needs cleansing and that Dogecoin (DOGE) should go to zero:
Look at Dogecoin — it still has a $20 billion market cap. It should go to zero. The whole space needs purging, just like the dot-com bubble did.
Mike McGlone, BloombergAccording to McGlone’s views, the crypto space just needs purging, but the technology that powers crypto assets is “awesome”:
What does HODL stand for? Everyone’s in for the long-term, as long as it’s going up. Did not know how Bitcoin was going to get to $100,000 from $10,000 in 2020, but the trends showed up. Now, I see the reversion path back toward $10,000. The technology is awesome, as evidenced by the most widely traded crypto -Tether- the dollar token, which appears on track to flip the market cap of Ethereum soon.
Mike McGlone, BloombergRelated: Arthur Hayes and Jim Cramer Warn of Further Market Crash: Repeat of 1987 Black Monday?
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