Bloomberg Intelligence’s senior commodity strategist Mike McGlone casts a skeptical gaze on bitcoin and its digital counterparts, positing a potential retreat to $10,000 for the flagship cryptocurrency.
Bitcoin Headed Back to $10K? Bloomberg’s Mike McGlone Thinks So
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Bloomberg Strategist Sees Crypto Wipeout Ahead
In recent analyses shared via Bloomberg and the platform X, Mike McGlone has dissected crypto’s vulnerabilities amid turbulent macroeconomic crosscurrents. President Trump’s tariff escalations have injected volatility into global markets, triggering synchronized slides across equities and digital assets.
Bitcoin, for example, has shed 7% of its dollar value in the past seven days. Smaller cryptocurrencies bore amplified brunt: ethereum ( ETH) plunged 16.7% while solana ( SOL) tumbled 15.8% during the same period. McGlone, in a recent X commentary, theorized that the crypto sphere may confront profound depreciation while forecasting gold’s persistent radiance. He simultaneously spotlighted Treasury bills as historically stalwart contenders in uncertain climates.
“In a sell what you can market, highly speculative and volatile cryptocurrencies with lots of froth lose,” McGlone wrote. “ Gold may suffer margin calls initially, but T-bonds typically win, especially when they yield over double the deflation leader.” A few hours later, McGlone added:
When paradigm shifts happen, probably best not to chance being on the wrong side of history, especially if it’s simple mean reversion of silly expensive risk assets. Cryptocurrencies are among the riskiest. Treasuries the opposite. Michael Saylor is all in bitcoin, Warren Buffet – Treasuries. My bias is good old T-bonds.
McGlone’s calculus favors Treasuries’ timeless appeal over crypto’s tempestuous dance, framing bonds as history’s prudent counterweight to digital gambles’ mercurial thrills. “What does HODL stand for?” McGlone wrote in a follow-up X post. “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 commodity strategist continued:
The technology is awesome, as evidenced by the most widely traded crypto – tether – the dollar token, which appears on track to flippen the market cap of ethereum soon.
