The cryptocurrency market is generally moving in the green zone after the smooth execution of the Ethereum Shanghai upgrade, which is a major update, and the below-expected US PPI data. However, the waters on the cryptocurrency front have not calmed down yet. From here, Bloomberg strategist Mike McGlone warns of two altcoin projects amid the upcoming economic ‘hurricane’.
These two altcoins and the like are garbage! Bitcoin number 1
Mike McGlone, senior commodity strategist at Bloomberg Intelligence and known for his successful Bitcoin forecasts, talks about the upcoming economic headwinds and gives a warning about the two biggest meme coins by market capitalization in this environment. For the strategist’s accurate predictions cryptocoin.comTake a look at this article. In a recent Wolf of All Streets roundtable discussion, McGlone says he expects Bitcoin (BTC) to continue to outperform other crypto assets. Also, the strategist argues that the popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are “pure speculation machines” that should be trashed. McGlone begins his explanation as follows:
The Federal Reserve is tightening, the economy is in recession. So what should you do in such an environment? To sell! My suggestion is just to sell…If I see a hurricane, I have to say it. But I expect Bitcoin to continue to outperform all cryptos. On the other hand, 22,000 cryptos and things like Dogecoin and Shiba Inu… This shows the excess that needs to be cleaned up in the system.
According to Mike McGlone, this is an indicator of what has happened in nearly every major pump and liquidity we have experienced in the past, from the 1929 crash that ended in the 30s, to what happened in 2000, to the dot.com bubble. On the similarity of this issue with the cryptocurrency market, the strategist shares the following assessment:
You need to get rid of these excess liquidity and risk assets and excessive speculation. Dogecoin and Shiba Inu are nothing but pure speculation machines… There are a hundred cryptos that matter, and Bitcoin is number one.
We all know we have to get rid of them
Bloomberg strategist Mike McGlone also says that a serious stock market correction will negatively impact Bitcoin and, to a greater extent, speculative crypto assets. According to McGlone, getting rid of speculative digital assets will help the crypto industry gain legitimacy. The strategist explains his thoughts on this subject as follows:
When the stock market drops the S&P 500 at a high rate, which I think will go down, everything is interrelated. When this starts, Bitcoin will probably see some pretty significant pressure. But in all other cryptos, we will see a lot more pressure on those just ‘stupid speculation’. And maybe we’ll finally clear them out. We all know that we have to get rid of them in order for this field to be a legitimate one.
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