Mike McGlone: Bitcoin Will Continue to Fall
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Bloomberg strategist Mike McGlone has discussed the decline of Bitcoin to a two-month low. According to McGlone, the digital currency has not yet touched its fundamental values and another significant drop is on its way.
He has pointed out the stunning increase of Bitcoin from $100 to close to $70,000 in less than a decade, indicating the speculative nature of its surge.
McGlone has suggested that, similar to the stock market during the Great Depression, the current crisis in Bitcoin is due to the Federal Reserve’s stringent policy.
Investors are paying attention to the dominating yield of US government bonds which is at 5%. So long as these bonds remain popular, the value of Bitcoin will be at risk.
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