Bloomberg’s Mike McGlone: AI Risk Could Force Bitcoin Drawdown to $10,000

Bloomberg's Mike McGlone warns Bitcoin could drop to $10K, citing ETF exhaustion, stock correlation, Fed rate hikes, and macro headwinds across assets. Mike McGlone was one of the few Wall Street analysts to call $100K Bitcoin. Now the Bloomberg Intelligence senior commodity strategist says Bitcoin “can easily drop a zero” to $10,000. In this interview with Grace Remington and Sean Hagan, he explains why the ETF launch signaled the trade was over, why Bitcoin has become a “stock puppet” with high beta and no edge, and why a Fed priced for three hikes is a headwind for Bitcoin, gold and…