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.
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.
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.