tl;dr
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has predicted that Bitcoin might lose a zero, drawing a comparison between Bitcoin's historic ascent to $100,000 and the peak of the Nasdaq Composite during the dot-com bubble. He notes that Bitcoin was born when the stock market...
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has suggested that Bitcoin could potentially lose a zero in its value, drawing parallels between Bitcoin's historic ascent to $100,000 and the peak of the Nasdaq Composite during the dot-com bubble. He highlighted that Bitcoin emerged following the global financial crisis and has been a driving force behind one of the greatest risk-asset rallies in history. Despite recent market volatility, Bitcoin demonstrated strong performance while the U.S. stock market experienced a significant price correction, indicating a possible decoupling from stocks.
McGlone referenced the Nasdaq Composite's peak around 5,000 in 2000 during the dot-com bubble, drawing a comparison to Bitcoin's historic rise. He emphasized that Bitcoin's inception coincided with the stock market's recovery after the global financial crisis and has been instrumental in leading a remarkable risk-asset rally. Despite recent market fluctuations, Bitcoin displayed resilience while the U.S. stock market faced a substantial price correction, hinting at a potential divergence from traditional stocks.
It's noteworthy that Bitcoin outperformed the U.S. stock market during a period of significant price correction, with the Nasdaq-100 index plunging by over 6% while Bitcoin remained relatively stable, challenging the perception of Bitcoin as a purely risk-on asset. McGlone also noted the massive decline in the price of gold, which had previously outperformed Bitcoin this year. If Bitcoin continues to decouple from traditional stocks, it could solidify its position as a "safe haven" asset.