Dogecoin ($DOGE) and Shiba Inu ($SHIB) were recently discussed by Bloomberg Intelligence Senior Macro Strategist Mike McGlone.
McGlone recently warned against gambling on meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) at a “Wolf of All Streets” roundtable discussion, as reported by The Daily Hodl on April 13.
According to McGlone, Bitcoin (BTC) will remain superior to all other cryptocurrencies. When discussing DOGE and SHIB, he offered a less optimistic image, calling them “nothing but sheer speculation engines” and arguing that they should be removed from the market. He cautioned investors to sell these speculative assets as the Federal Reserve tightened its grip and a recession loomed.
McGlone drew analogies between the crypto market and previous financial disasters such as the Great Depression and the dot-com boom of the early 2000s to stress the need of clearing the crypto market of speculative assets.
He also predicted that Bitcoin would suffer and that other speculative cryptocurrencies like DOGE and SHIB will be hit much harder by a large stock market drop. McGlone argues that the crypto sector as a whole would benefit from removing these speculative digital currencies since it would create a more respectable and stable market.
McGlone shared his optimistic view on Bitcoin (BTC) with David Lin on Lin’s YouTube program earlier this month. McGlone has stated his conviction that the flagship cryptocurrency would outperform most risk assets as it develops.
The Bloomberg Strategist claims that the current financial crisis is what ultimately determines Bitcoin’s worth. He thinks that this cryptocurrency will continue to outperform the market and the cryptocurrencies tracked by the Bloomberg Galaxy Crypto Index in particular. This index, which does not include privacy coins, stablecoins, or exchange tokens, is composed of the biggest and most liquid digital assets by market capitalization and is rebuilt and rebalanced every month.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.