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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
