He predicted Bitcoin would reach $10,000 during a live broadcast.
The unprecedentedly pessimistic outlook for Bitcoin's technical indicators has sparked heated debates in the cryptocurrency world and macroeconomic circles. Leading strategists who gathered for the "Macro Monday" program were completely divided on the future of Bitcoin.
The focus of the discussions was whether Bitcoin is a "store of value" or a "bubble about to burst."
Bloomberg Senior Commodity Strategist Mike McGlone painted a very pessimistic picture for Bitcoin and the overall crypto market. McGlone, placing Bitcoin in the same category as thousands of other crypto assets, argued that there is an "unlimited supply of cryptocurrencies" in the market, which will lead to a decline in value.
Stating that Bitcoin's performance in 2024 is "the best it can reach," the strategist claimed that the market is entering a crash similar to the Tulip Mania in history, and that the price could fall to the $10,000 level.
McGlone, stating that Bitcoin is a risky asset (beta), argued that a potential decline in stock market indices would severely impact Bitcoin.
Investment manager Larry Lepard strongly reacted to McGlone's views, highlighting Bitcoin's cyclical nature. Lepard stated that Bitcoin is the first successful example of the concept of "digital scarcity" and that its 17-year history demonstrates continuously increasing adoption.
He harshly criticized McGlone's claim of "unlimited supply," stating that Bitcoin is digitally scarce and that its 17-year history proves its increasing adoption. Lepard called McGlone's views "stupid."
Reminding that Bitcoin has experienced seven major declines before, Lepard argued that the current pessimism at the bottom could actually be a buying opportunity.
According to Lepard, Bitcoin behaves like a "wild animal," but rewards those who hold it in the long term. He claimed that it is wrong to say "Bitcoin is over" based on short-term price movements.
