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Bloomberg analyst Mike McGlone: “The crypto bubble has burst, gold and silver are now risky assets”
Amid escalating tensions between the United States and Iran, global markets are experiencing one of the most volatile periods in recent years. Sharp movements in Bitcoin and historic losses in gold have led experts to question whether the concept of “safe haven” assets has changed.
Scott Melker stated that markets were shaken by conflicting statements from President Donald Trump. According to him, when Trump announced the start of peace talks with Iran, the S&P index surged by $2 trillion within minutes. However, after Iran denied these claims, the market experienced total volatility of $3 trillion in just 56 minutes.
Bloomberg analyst Mike McGlone stated that the cryptocurrency bubble has already burst and that this bear market could last for years, even decades. He also argued that gold and silver have lost their status as “stores of value” and have turned into highly volatile, risky assets.
McGlone noted that a global recession is approaching, and while keeping oil prices above $100 may accelerate this process, he predicts that oil could fall to $50 in the long term.
Dave Weisberger, former CEO of CoinRoutes, argued that gold is difficult to transport through war zones due to its physical nature, while Bitcoin has outperformed gold during this crisis thanks to its “mobility.”
He also stated that the Federal Reserve cannot solve inflation caused by supply shocks simply by raising interest rates, and that existing economic models are outdated.
He believes that gold could return to $5,500 this year, but Bitcoin may regain momentum as the number of sellers declines.
Chief Investment Officer and macro strategist James Lavish described Trump’s unpredictable statements as a “negotiation tactic” aimed at influencing markets and investor sentiment. He noted that investors lack liquidity, forcing them to exit assets like gold and silver where they previously took profits.
Lavish added that the Federal Reserve and the Treasury have no choice but to continue injecting liquidity to support the stock market, otherwise a deep recession would be inevitable.
See also: "Opinion: Bitcoin has ended its bear market relative to gold"
