Bloomberg Intelligence Senior Macro Strategist Mike McGlone recently shared his thoughts on Dogecoin ($DOGE) and Shiba Inu ($SHIB).
According to a report by The Daily Hodl published on April 13, during a recent “Wolf of All Streets” roundtable discussion, McGlone sounded the alarm on the potential perils of investing in meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), amidst a brewing economic storm.
McGlone expressed confidence that Bitcoin (BTC) would continue to outshine other digital assets. However, he painted a less rosy picture for DOGE and SHIB, labeling them as “nothing but sheer speculation engines” that should be purged from the market. With the Federal Reserve tightening its grip and a recession looming, he urged investors to let go of these speculative assets.
Drawing parallels to past financial calamities like the 1929 crash and the 2000 internet bubble, McGlone emphasized the necessity of shedding these speculative cryptocurrencies to pave the way for a more credible crypto landscape.
Moreover, he predicted that a significant stock market correction would spell trouble for Bitcoin and wreak even greater havoc on speculative crypto assets like DOGE and SHIB. According to McGlone, cleaning out these speculative digital currencies will ultimately benefit the crypto industry as a whole, leading to a more legitimate and stable market.
Earlier this month, McGlone joined David Lin on his YouTube show to discuss his bullish outlook on Bitcoin (BTC). McGlone expressed confidence in the flagship cryptocurrency, believing it will outperform most risk assets as it continues to mature.
According to the Bloomberg Strategist, the ongoing banking crisis is defining Bitcoin’s value. He expects the digital asset to continue outperforming most other cryptocurrencies, particularly those listed on the Bloomberg Galaxy Crypto Index. This index, which excludes stablecoins, exchange tokens, and privacy coins, consists of the largest and most liquid digital assets by market capitalization and undergoes monthly reconstruction and rebalancing.
However, McGlone did warn that Bitcoin’s price could temporarily dip due to the tide going out in all risk assets. Despite this short-term concern, he remains optimistic about its long-term potential. Although Bitcoin didn’t reach his $100,000 target during the 2021 rally, peaking around $70,000, McGlone is convinced the cryptocurrency will eventually return to its upward trajectory.
In the interview, McGlone emphasized Bitcoin’s unique attributes, including its diminishing supply and low adoption rate in its early stages. Despite facing possible regulatory challenges and bumps along the way, he sees the potential for Bitcoin to become a global digital collateral. As of late, Bitcoin has demonstrated remarkable resilience, solidifying its status as an indestructible asset. McGlone also noted the recent and ongoing demonstration of Bitcoin’s resilience, referring to it as ‘indestructible.’”
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