{"id":78888,"date":"2023-05-17T16:15:38","date_gmt":"2023-05-17T13:15:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78888"},"modified":"2025-09-11T07:56:39","modified_gmt":"2025-09-11T04:56:39","slug":"bloomberg-analysts-warn-of-bitcoin-industry-collapse-if-the-us-defaults","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-analysts-warn-of-bitcoin-industry-collapse-if-the-us-defaults\/","title":{"rendered":"Bloomberg analysts warn of Bitcoin industry collapse if the US defaults"},"content":{"rendered":"<p>Senior Bloomberg Intelligence strategist Mike McGlone says that both stock and digital markets face a collapse if the United States defaults.<\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/Q8gig3D9DdQ\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>During the Wolf of All Streets podcast, he said he is bearish on cryptocurrencies, but is optimistic about gold amid talks to raise the US debt ceiling.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8216;This is exactly what happened in 2011 \u2014 [the U.S. authorities] heavily crashed the stock market,&#8217; the expert explained.<\/p>\n<\/blockquote>\n<p>If such a move is made, risk assets would initially rally, but then face the same crash as the traditional sector, McGlone added. He noted that Bitcoin would rally the strongest of all.<\/p>\n<p>In his view, the most likely market reaction to a possible US debt default would be an increase in the debt ceiling.<\/p>\n<p>Earlier, Bloomberg strategist <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-strategist-labels-doge-and-shib-as-speculative-assets\">expressed concern<\/a> about meme tokens <a href=\"https:\/\/forklog.com\/en\/news\/what-is-dogecoin-doge\">Dogecoin<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-shiba-inu-shib\">Shiba Inu<\/a>, calling them &#8216;naturally speculative assets&#8217;. He believes the community should remove such cryptocurrencies from the markets as quickly as possible.<\/p>\n<p>In May, the issuer of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a>, Circle <a href=\"https:\/\/forklog.com\/en\/news\/circle-increases-stake-in-us-treasury-bills-amid-us-default-risk\">revised<\/a> its stake in Treasury bills due to the risk of a US default.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senior Bloomberg Intelligence strategist Mike McGlone says that stock and digital markets face a collapse if the United States defaults.<\/p>\n","protected":false},"author":1,"featured_media":78889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1569,1138],"class_list":["post-78888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bloomberg","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78888"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78888\/revisions"}],"predecessor-version":[{"id":78890,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78888\/revisions\/78890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78889"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}