A report published on April 13 mentions some of the remarks made by Mike McGlone during a recent roundtable entitled “Wolf of All Streets”. Bloomberg’s senior macro strategist cited two memecoins that would be dangerous to invest in. He also suggested that an economic storm is brewing. Here are Mike McGlone’s thoughts on Dogecoin (DOGE) and Shiba Inu (SHIB).
Mike McGlone Sounds the Alarm on Dogecoin & Shiba Inu
As US tax authorities declare war on cryptos, Mike McGlone talks about which assets to eliminate. Indeed, he argues that the Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins should be removed from the market. Bloomberg’s senior macro strategist explained that these two cryptos are just real speculation engines. He said a recession is brewing as the Federal Reserve tightens its grip. The strategist believes that to deal with these two events, investors should get rid of both memecoins.
McGlone expects a major correction in the stock market which would wreak havoc on the crypto market. Also, according to the strategist, the latter would be much more important for speculative assets such as DOGE and SHIB. Additionally, McGlone believes that eliminating these two memecoins would help make the crypto landscape more believable. He drew parallels with past financial crises, such as the crash of 1929 and the dotcom bubble of 2000.
Mike McGlone Praises Bitcoin (BTC)
Earlier this month, Mike McGlone has indicated that bitcoin (BTC) would continue to outpace other cryptos. The digital asset would mostly outperform cryptos listed in the Bloomberg Galaxy Crypto Index. This index excludes stablecoins, exchange tokens and private tokens. It contains the largest and most liquid digital assets in terms of market capitalization.
In addition, the macroeconomic strategist clarified that the current banking crisis determines the value of bitcoin. He emphasized that he trusts bitcoin (BTC), indicating that its value will continue to rise. He suggested that the flagship crypto will not be affected as much as altcoins by the upcoming correction in the stock market.
During an interview earlier this month, McGlone highlighted the unique characteristics of bitcoin (BTC). In particular, he mentioned the decrease in supply and the low rate of adoption in its early days. Like other analysts, McGlone believes that bitcoin is “indestructible“. He said bitcoin (BTC) is untouchable in the face of crypto crackdown.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
