Bloomberg strategist Mike McGlone doubles down on sub-$10k bitcoin call; peers say it would take "a nuclear war and the internet to stop working"
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Promote with Leviathan NewsBloomberg Intelligence senior strategist Mike McGlone has reiterated his long-running bearish thesis that bitcoin could fall back toward $10,000, arguing that the asset remains a highly correlated, overvalued “risk-on” vehicle vulnerable to a major macro reset in equities and liquidity. McGlone frames the call as part of a broader “peak bubble” and “great reversion” view, suggesting that post‑2008 easy‑money dynamics are unwinding and that a deep drawdown in stocks and other risk assets could drag bitcoin to a fraction of its prior cycle highs. In response, a number of crypto‑focused analysts and traders have publicly pushed back, saying such a level would likely require an extreme, systemic shock—summarized in commentary that it would take something like “a nuclear war and the internet to stop working” for bitcoin to revisit five‑figure prices that low. These critics argue that structural factors such as growing institutional participation, tighter long‑term supply, and bitcoin’s role in portfolios as a macro hedge make a collapse to $10,000 a low‑probability “tail risk” absent a market breakdown on the scale of a global credit seizure or catastrophic geopolitical event. The debate highlights the wide dispersion of views on bitcoin’s downside in the current cycle: McGlone anchors his call in historical mean‑reversion and elevated equity valuations, while his peers emphasize market maturation and the resilience bitcoin has shown through earlier crises.
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