Mike McGlone

Senior Commodity Strategist at Bloomberg Intelligence

Claims

As speaker

Mentioned in

Key positions and views

Maintains a deeply bearish stance on Bitcoin, consistently predicting a price collapse to $10,000 from its highs.

Argues that gold has fundamentally changed, abandoning its role as a safe haven to become a volatile risk asset that is positively correlated with the stock market.

Identifies the 5% yield on the US Treasury long bond as a critical market inflection point that will drain capital from stocks, gold, and cryptocurrencies.

Views Bitcoin as a key leading indicator for risk assets, asserting that its recent decline foreshadows a similar downturn in the stock market.

Predicts a significant drop in crude oil prices, suggesting they will follow the downward trajectory of natural gas and fall in tandem with a stock market correction.

Podcast consensus on McGlone

Points of consensus

▶Mike McGlone consistently predicts that Bitcoin will fall to $10,000, a claim made across multiple podcast appearances.Apr–Jun 2026

▶He repeatedly observes that Michael Saylor, a notable Bitcoin proponent, has begun selling some of his holdings despite previous statements to the contrary.Jun 2026

▶McGlone notes in separate episodes that the stablecoin Tether is on a trajectory to potentially surpass Ethereum in assets under management.Apr–Jun 2026

▶He consistently forecasts that crude oil prices will decline, following the downward trend set by natural gas prices.Apr–Jun 2026

Points of debate

▶McGlone's re-characterization of gold from a traditional safe-haven asset to a 'highly volatile risk asset' that declines with the stock market is a significant and debatable departure from conventional financial wisdom.Apr–Jun 2026

▶His prediction for Bitcoin to 'lose a zero' and fall to $10,000 is a highly speculative and contentious forecast within the financial and cryptocurrency communities.Jun 2026

▶There is a potential tension in his analysis where he claims Bitcoin is a leading indicator for a stock market decline, while also suggesting money managers are systematically selling crypto on rallies, which could imply a decoupling rather than a leading correlation.Apr–Jun 2026

▶McGlone's assertion that money managers view cryptocurrencies as 'speculative duds' with 'unlimited supply' is a broad generalization that is debatable, as it overlooks the fixed supply of assets like Bitcoin and varying strategies among different types of investors.Jun 2026

Key themes

▶The Great Reversion of Risk AssetsApr–Jun 2026

McGlone consistently argues for a significant downturn across major risk assets. He uses Bitcoin as a leading indicator for a broader market decline and predicts substantial price drops for cryptocurrencies, the stock market, and even gold, which he now classifies as a risk asset.

Investors should consider McGlone's perspective as a comprehensive bearish thesis, suggesting that interconnectedness and speculative froth across markets could lead to a cascading correction, rather than isolated downturns.

▶Gold's Identity CrisisApr–Jun 2026

A core theme is McGlone's assertion that gold has fundamentally changed its market behavior. He argues it has shed its safe-haven status, becoming positively correlated with risk assets like stocks and is therefore more likely to fall during a market downturn.

This challenges traditional portfolio diversification strategies, implying that investors seeking a hedge against stock market volatility may need to look beyond gold, which McGlone suggests has become another source of volatility.

▶The Gravity of High-Yield TreasuriesApr–Jun 2026

McGlone identifies the rise of the US Treasury long bond yield to 5% as a pivotal market event. He posits that this high, relatively safe return will act as a powerful magnet for capital, pulling money away from more speculative and volatile assets like stocks, gold, and cryptocurrencies.

This highlights the critical role of interest rates in asset allocation; for analysts, it underscores that the relative attractiveness of risk-free assets can set a ceiling on valuations for the entire risk asset spectrum.

▶Cryptocurrency Market Structure and SentimentJun 2026

McGlone provides specific commentary on the internal dynamics of the crypto market. He points to the rise of Tether as a key trend, the behavior of major holders like Michael Saylor, and a prevailing sentiment among money managers to sell crypto rallies due to its perceived speculative nature.

This theme suggests that beyond macro factors, the internal sentiment and structural shifts within the crypto ecosystem, such as the growing dominance of stablecoins, are crucial indicators for its future trajectory.

Source episodes

Timeline

During 'Bloomberg This Weekend | No Peace Deal...' appearance

McGlone established his thesis that gold has transformed into a volatile risk asset, noting its high valuation and positive correlation to stocks. He also articulated a bearish outlook on crude oil, predicting a drop to $50, and revealed his personal strategy of overweighting treasuries to 'hide' from market volatility.

During 'Tech Selloff, Bitcoin Drop Test...' appearance

McGlone detailed his comprehensive bearish case, reiterating his $10,000 Bitcoin prediction and identifying the 5% Treasury yield as a major catalyst drawing capital from risk assets. He framed Bitcoin as a leading indicator for a stock market decline and commented on internal crypto dynamics, such as Michael Saylor selling and Tether's potential to surpass Ethereum.

During 'Bloomberg This Weekend | Major Indexes Tumble...' appearance

McGlone reinforced his key predictions, repeating his call for Bitcoin to fall to $10,000 and for crude oil prices to follow natural gas downward. This appearance solidified the consistency of his primary bearish theses across different contexts.

Suggested prompts

How does Mike McGlone reconcile his view of Bitcoin as a leading indicator for a market decline with his claim that money managers are actively selling it on every rally? &nearr;What specific market signals or data points support McGlone's thesis that gold has fundamentally shifted from a safe-haven asset to a volatile risk asset? &nearr;Analyze the potential impact on the broader crypto ecosystem if McGlone's prediction that Tether surpasses Ethereum in assets under management comes to fruition. &nearr;What are the primary macroeconomic assumptions underpinning McGlone's interconnected predictions of a simultaneous downturn in stocks, crypto, and crude oil? &nearr;

Key concepts

Bitcoin 2 ep Stock Market 2 ep Crude Oil 2 ep Gold 1 ep Treasuries 2 ep Tether 2 ep Risk Assets 2 ep Natural Gas 2 ep Ethereum 2 ep

Notable quotes

“First of all, my call starting last year was for Bitcoin, we got above $100,000, to lose a zero, to go back to $10,000.”

Mike McGlone · Tech Selloff, Bitcoin Drop Test Retail Investor Strength

“Gold is now a highly volatile risk asset.”

Mike McGlone · Bloomberg This Weekend | No Peace Deal, Swalwell Allegation, Breaking: Trump’s Blockade on Strait

“And the key thing that happened this week is that US Treasury long bond at 5%. To me, that's just too attractive for a stock market and for gold and for cryptos.”

Mike McGlone · Tech Selloff, Bitcoin Drop Test Retail Investor Strength

“And the key thing to remember is Bitcoin's a good leading indicator for risk assets. And stock markets starting to follow.”

Mike McGlone · Tech Selloff, Bitcoin Drop Test Retail Investor Strength

Report last updated: Jun 10, 2026

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