'Just a Matter of Time': Bloomberg Predicts Tether Will Flip Bitcoin

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Bloomberg Intelligence senior macro strategist Mike McGlone believes that Tether (USDT) is on track to become the world's biggest cryptocurrency. McGlone has argued that the dominance of dollar-pegged...

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He is convinced that \"it could be a matter of time before the dollar token flips Bitcoin, unless crypto's most enduring trend reverses: Tether's AUM surpassing everything.\"\"The technology is awesome, and it adopted the dollar as its base layer (note to the dedollarization crowd),\" McGlone added. The analyst has questioned the long-term viability of speculative tokens, asking, \"What stops the tokenization proliferation, where tokens tracking real assets with earnings or income stand alongside millions of cryptos worth $ billions but tracking nothing?\" Recently, Tether (USDT) briefly overtook Ethereum (ETH) to become the second-largest cryptocurrency by market capitalization. McGlone has noted that the \"Tether flippening of Ethereum may be sustained this time.\"Collapsing to $10,000? McGlone has doubled down on his bearish prediction that Bitcoin (BTC) is on track to collapse all the way to $10,000.As noted by McGlone, the asset grew rapidly during an unprecedented era of zero-interest-rate policies and massive liquidity injections. McGlone maintained that speculative risk assets of the like of Bitcoin would face an inevitable deleveraging process.Crude Oil and 'pump-then-dumps'McGlone's bearish outlook is not limited solely to the cryptocurrency sector; it extends across major global commodities and equities. The analyst has predicted that WTI crude could collapse toward $40 a barrel.This commodities slump will be caused by a broader correction in the equities market, according to McGlone. \"A top force for a typical low-price-cure cycle in 2H would be a drop in the US stock market,\" the pundit explained.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646392743","isCrawlerRequest":true}