Bloomberg strategist labels DOGE and SHIB as ‘speculative assets’

Senior Bloomberg Intelligence strategist Mike McGlone voiced concern about meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), calling them “naturally speculative assets”.

On the Wolf of All Streets podcast, the expert said that during the “approaching storm” Bitcoin continues to outpace all other cryptocurrencies. However, in McGlone’s view, the community must remove SHIB and DOGE from the markets as quickly as possible.

“The Federal Reserve is tightening its policy, the economy is approaching a recession… What should you do? Sell! […] You must divest from excess liquidity and risky assets. And Dogecoin and Shiba Inu are nothing but machines for speculation. There are many cryptocurrencies that make sense, and the number one is Bitcoin,” the strategist said.

Drawing parallels with the 1929 stock market crash and the 2000 dot-com bubble, McGlone stressed the need to cleanse the market of “harmful” assets to pave the way for a “more reliable cryptocurrency landscape”.

He also predicted that a serious stock market correction would pose problems for the leading cryptocurrency and inflict even greater damage on DOGE and SHIB.

In June 2022, American Keith Johnson accused SpaceX, Tesla and Elon Musk of promoting a “cryptocurrency pyramid” for Dogecoin. The plaintiff sought $258 billion in damages and relief.

Later, Musk asked the court to dismiss the investor’s lawsuit. The billionaire called the claims “a whimsical fabrication”.

Earlier, in 2021, Ripple CEO Brad Garlinghouse criticized DOGE for its unlimited issuance and other “inflationary factors”.