Bloomberg’s senior commodity strategist Mike McGlone made some striking assessments by comparing Bitcoin’s current market outlook with the past.
McGlone referred to his wrong prediction in 2018, stating that he predicted that Bitcoin could lose one zero at that time, but this prediction did not come true.
In his post titled “Bitcoin 2018 vs. 2025”, McGlone emphasized that cryptocurrency technology and adoption were still in the early stages in 2018, and the situation is very different today. McGlone said, “Crypto speculation now resembles the internet bubble of 1999. The market value/GDP ratio of the US stock market is at its highest levels in the last century worldwide.”
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Expressing concern about deflationary effects, McGlone suggested that one of Bitcoin’s “famous comebacks” could lead to a sharp correction in the market.
He stated that it is possible for cryptocurrencies to experience a collapse in 2025, like the US stock market in 1929, Japan in 1989 and the internet bubble in 2000. In this case, he stated that deflationary effects could be in favor of gold and US Treasury bonds. He also said that the crypto market has been almost flat for the last seven years, indicating the burden of unlimited supply, volatility and speculation on new technology.
*This is not investment advice.
