Bloomberg’s Mike McGlone: AI Risk Could Force Bitcoin Drawdown to $10,000

Mike McGlone was one of the few Wall Street analysts to call $100K Bitcoin. Now the Bloomberg Intelligence senior commodity strategist says Bitcoin “can easily drop a zero” to $10,000. In this interview with Grace Remington and Sean Hagan, he explains why the ETF launch signaled the trade was over, why Bitcoin has become a “stock puppet” with high beta and no edge, and why a Fed priced for three hikes is a headwind for Bitcoin, gold and copper alike. He also covers the Middle East energy shock, midterm elections, the GENIUS Act and stablecoins, and why U.S. Treasuries are his next big trade.

Chapters:
0:00 Bloomberg’s Mike McGlone on the Middle East Energy Crisis and a 2027 Oil Glut
1:01 Midterm Elections, Iran and Why Energy Prices Decide the Vote
2:12 Russia-Ukraine, Diesel Exports and the Wheat Trade
4:27 Don’t Fight the Fed: Three Hikes Priced In and Warsh’s Rate Hike
6:49 Bear Market Bounce: Why Bitcoin Can Drop a Zero to $10,000
9:54 Why McGlone Flipped From $100K Bull to Bear After the ETF Launch
13:17 Bitcoin as a Stock Puppet, $40 Trillion of Debt and the Jack Bogle Rule
14:44 The Unlimited Supply Argument: Bitcoin vs. Gold, Stablecoins and Basis
18:13 The GENIUS Act, Tether in Hong Kong and Tokenizing Everything
21:18 Why Treasuries Are the Next Big Trade