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Bloomberg Analyst Mike McGlone Issues a Caution on Bitcoin and Cryptocurrencies
Mike McGlone, Bloomberg's senior commodity strategist, has made some bold observations by drawing parallels between Bitcoin's current market situation and its past. He recalled his inaccurate forecast from 2018, where he anticipated that Bitcoin might drop a zero, a prediction that ultimately did not materialize. In his article titled 'Bitcoin 2018 vs. 2025'.
McGlone pointed out that back in 2018, cryptocurrency technology and its adoption were still nascent, contrasting sharply with today's landscape. He remarked, 'The speculation surrounding crypto now mirrors the internet bubble of 1999. The market value to GDP ratio of the US stock market is at unprecedented levels for the past century globally.'
Concerned about potential deflationary impacts, McGlone warned that Bitcoin could experience one of its 'notorious comebacks', potentially resulting in a significant market correction. He suggested that cryptocurrencies might face a downturn in 2025, akin to the US stock market crash of 1929, Japan's in 1989, and the internet bubble burst in 2000. In such a scenario, he noted that deflationary trends could benefit gold and US Treasury bonds.
Additionally, he highlighted that the crypto market has remained relatively stagnant over the past seven years, burdened by excessive supply, volatility, and speculation surrounding emerging technologies.
*This is not investment advice*.
Bloomberg Analyst Mike McGlone Issues a Caution on Bitcoin and Cryptocurrencies
Mike McGlone, Bloomberg's senior commodity strategist, has made some bold observations by drawing parallels between Bitcoin's current market situation and its past. He recalled his inaccurate forecast from 2018, where he anticipated that Bitcoin might drop a zero, a prediction that ultimately did not materialize. In his article titled 'Bitcoin 2018 vs. 2025'.
McGlone pointed out that back in 2018, cryptocurrency technology and its adoption were still nascent, contrasting sharply with today's landscape. He remarked, 'The speculation surrounding crypto now mirrors the internet bubble of 1999. The market value to GDP ratio of the US stock market is at unprecedented levels for the past century globally.'
Concerned about potential deflationary impacts, McGlone warned that Bitcoin could experience one of its 'notorious comebacks', potentially resulting in a significant market correction. He suggested that cryptocurrencies might face a downturn in 2025, akin to the US stock market crash of 1929, Japan's in 1989, and the internet bubble burst in 2000. In such a scenario, he noted that deflationary trends could benefit gold and US Treasury bonds.
Additionally, he highlighted that the crypto market has remained relatively stagnant over the past seven years, burdened by excessive supply, volatility, and speculation surrounding emerging technologies.
*This is not investment advice*.
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