Bloomberg Analyst Mike McGlone Warned About Bitcoin and Cryptocurrencies!

Bloomberg's senior commodity strategist Mike McGlone made striking assessments by comparing the current market outlook of Bitcoin with the past. McGlone referred to his wrong prediction made in 2018, stating that he had anticipated that Bitcoin could lose a zero at that time, but this prediction did not come true.

In a post titled "Bitcoin 2018 vs. 2025", McGlone emphasized that in 2018, crypto technology and adoption were still in the early stages, whereas today the situation is very different. McGlone stated, "Crypto speculation now resembles the internet bubble of 1999. The market capitalization/GDP ratio of the US stock market is at its highest levels globally in the last century."

McGlone expressed concerns about deflationary effects, suggesting that one of Bitcoin's "famous recoveries" could lead to a sharp correction in the market.

It was stated that cryptocurrencies could experience a crash in 2025 similar to the US stock market in 1929, Japan in 1989, and the internet bubble in 2000. In this scenario, it was expressed that deflationary effects could favor gold and US Treasury bonds. Additionally, it was mentioned that the crypto market has been almost flat for the past seven years, which demonstrates the burden of unlimited supply, volatility, and speculation regarding new technologies.