Cryptocurrency industry is gaining more attention due to its high volatility, developing technology, promising economic opportunities, and so on. Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence has recently addressed these matters in a Wolf of All Streets roundtable discussion. He suggested that the current situation of the economy warns not just to the commonly known cryptocurrency Bitcoin (BTC) but also Dogecoin (DOGE) and Shiba Inu (SHIB), the two foremost meme coins in the market.

McGlone equated current state of the economy to a “hurricane”, stressing that caution must be employed in terms of investing in risk assets such as cryptocurrencies. He noted that the stock market, along with Bitcoin, will “probably see pretty significant pressures” as a result of an impending market correction. Meanwhile, McGlone believes that the so-called “silly speculation” cryptos will be affected to an even greater extent and suggested that their purge just might be what the cryptocurrency industry needs to acquire legitimacy.

Despite the negative outlook, McGlone still asserted his belief in the mainstream cryptocurrency, Bitcoin, as the definitive digital asset of the market. He opined that while the other crypto assets may offer short-term return, Bitcoin offers a long-term investment with its stability and trust.

To sum it up, Mike McGlone, an expert in the crypto exchange industry, shared his market predictions amidst looming economic headwinds. He stressed the importance of exercising caution when investing in the volatile crypto market and the need to get rid of speculative digital assets like Dogecoin and Shiba Inu, which could potentially contribute to crypto industry's legitimacy. Above all, however, he placed his bet on Bitcoin and its potential to outshine other crypto assets.



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