Bloomberg analyst warns AI risk could drop bitcoin to $10,000

Mike McGlone, a Bloomberg Intelligence senior commodity strategist, was one of the few Wall Street analysts to predict Bitcoin at $100,000. He now says the cryptocurrency "can easily drop a zero" to $10,000. In an interview with Grace Remington and Sean Hagan, McGlone explains why the ETF launch signalled the end of the trade, why Bitcoin acts as a "stock puppet" with high beta and no edge, and why a Federal Reserve priced for three hikes is a headwind for Bitcoin, gold and copper. He also discusses the Middle East energy shock, midterm elections, the GENIUS Act and stablecoins, and why U.S. Treasuries are his next big trade.

Chapters:
0:00 – McGlone on the Middle East energy crisis and a 2027 oil glut.
1:01 – Midterm elections, Iran, and why energy prices decide the vote.
2:12 – Russia-Ukraine, diesel exports and the wheat trade.
4:27 – Don't fight the Fed: three hikes priced in and Warsh's rate hike.
6:49 – Bear market bounce: why Bitcoin can drop a zero to $10,000.
9:54 – Why McGlone switched from a $100K bull to bear after the ETF launch.
13:17 – Bitcoin as a stock puppet, $40 trillion of debt, and the Jack Bogle Rule.
14:44 – The unlimited supply argument: Bitcoin vs. gold, stablecoins and basis.
18:13 – The GENIUS Act, Tether in Hong Kong and tokenizing everything.
21:18 – Why Treasuries are the next big trade.

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