Bloomberg Strategist Sounds Alarm over DOGE and SHIB Speculation
In a recent roundtable discussion on Wolf of All Streets, Bloomberg Intelligence's senior commodity strategist, Mike McGlone, expressed concerns about the two biggest meme coins by market cap.
While he expects Bitcoin (BTC) to outperform other cryptocurrencies, McGlone believes that Dogecoin (DOGE) and Shiba Inu (SHIB) are “pure speculation machines” and should be eliminated.
McGlone cites the approaching economic headwinds and the Federal Reserve’s tightening as reasons to sell, arguing that excess liquidity and risk assets must be purged. Removing speculative digital assets like DOGE and SHIB could help legitimize the crypto industry, according to McGlone.
According to McGlone, Bitcoin is expected to maintain its dominance over other cryptocurrencies. However, a severe correction in the stock market could negatively affect Bitcoin and other speculative crypto assets.
READ MORE: Warren Buffett Slams Bitcoin Yet Again: A “Gambling Token” without Intrinsic Value
He predicts that in the event of a rapid decline in the S&P 500, Bitcoin would experience considerable pressure. Additionally, he believes that all other cryptocurrencies, especially those based on mere speculation, would be subject to even more significant pressures.
The analyst believes that only 100 cryptocurrencies are truly significant, and he considers Bitcoin to be the foremost of these.
He views coins like DOGE and SHIB as mere examples of past events, similar to what occurred during the pump and liquidity leading up to the 1929 crash that persisted into the 1930s and the internet bubble of 2000.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
