© Reuters Dogecoin and Shiba Inu are a bad sign for the economy, says Bloomberg analyst
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is issuing a warning about the two biggest meme coins by market capitalization.
In a new interview, McGlone says that while he expects it to continue to outperform other cryptocurrencies, Dogecoin () and () are “pure speculation machines” that must be eliminated.
“The Federal Reserve is tightening, the economy is going into a recession, what are you supposed to do? Sell! My indication is just to sell.
If I see a hurricane, I must say so. But the fact is, I expect Bitcoin to continue to outperform all cryptocurrencies.
There are 22,000 cryptos and things like Dogecoin and Shiba Inu. This shows inflation in the system that needs to be eliminated.
That’s just indicative of what happened at just about every major pump and liquidity we’ve had in the past, right up until the crash of 1929 that ended in the 1930s, all the way up to what happened in 2000, the internet bubble.”
McGlone further says that a severe stock market correction will negatively affect Bitcoin and, to a greater extent, speculative crypto assets.
“Once this starts, Bitcoin will likely come under pretty significant pressure. But we should see a lot more pressure on all other cryptocurrencies, the ones that are just silly speculations.”
By Cryptonizing