Bloomberg Intelligence senior commodities strategist Mike McGlone predicts Bitcoin (CRYPTO: BTC) will fall to $10,000, calling the crypto asset class “dead” as unlimited token supply and five years of underperformance versus the S&P 500 make it uninvestable for institutional risk managers. The $10,000 Target Explained McGlone defines $10,000 as the most widely traded price for Bitcoin since 2019-2020, similar to how crude oil has traded around $57 per barrel for almost 10 years.
'Bitcoin Is Going To $10,000,' Bloomberg's McGlone Says: Crypto Is A 'Dead' Asset Class
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Bloomberg Intelligence senior commodities strategist Mike McGlone predicts Bitcoin will fall to $10,000, calling the crypto asset class "dead" and citing unlimited token supply and five years of underperformance versus the S&P 500. McGlone defines $10,000 as the most widely traded price for Bitcoin since 2019-2020, analogous to crude oil trading around $57 per barrel for almost 10 years.
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