Mike McGlone: Bitcoin Can Drop a Zero, Treasuries Next Big
Original title: Bloomberg's Mike McGlone: AI Risk Could Force Bitcoin Drawdown to $10,000
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Summary
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Key points
- Mike McGlone is a Bloomberg Intelligence senior commodity strategist.
- McGlone says bitcoin can easily drop a zero.
- McGlone says the ETF launch signaled the trade was over.
- McGlone describes bitcoin as a 'stock puppet' with high beta and no edge.
- McGlone says a Fed priced for rate hikes is a headwind for bitcoin, gold and copper.
- McGlone says U.S. Treasuries are his next big trade.
Chapters
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Questions
What does Mike McGlone say about bitcoin?
What is McGlone's next big trade?
What Fed policy does McGlone mention?
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