'Bitcoin Is Going To $10,000,' Bloomberg's McGlone Says: Crypto Is A 'Dead' Asset Class

Core Viewpoint - Bloomberg's Mike McGlone predicts Bitcoin will decline to $10,000, labeling the cryptocurrency as a "dead" asset class due to its unlimited token supply and poor performance compared to the S&P 500 since 2017 [3][5][25] Cryptocurrency Market Analysis - The Bloomberg Galaxy Crypto Index has underperformed the S&P 500, down approximately 20% in 2025 and 20% year-to-date in 2026 [1] - Bitcoin is currently trading around $68,000, with McGlone suggesting it must "lop off a zero" to reach $10,000, indicating a potential further decline driven by a broader market correction [2][5] Institutional Investment Perspective - McGlone argues that the unlimited supply of tokens and five years of underperformance make Bitcoin uninvestable for institutional risk managers [3] - The U.S. stock market cap to GDP has reached 2.3 times, the highest in a century, indicating a potential market correction that could further impact cryptocurrencies [5] Economic Outlook - McGlone anticipates a deflationary period post-inflation, similar to China's economic situation, and expresses bullishness on U.S. Treasuries as a safer investment compared to cryptocurrencies [6]