Bloomberg Strategist Says Tether Could Overtake Bitcoin as BTC Risks Slide to $10,000
Summary
- Mike McGlone said it is only a matter of time before Tether (USDT) overtakes Bitcoin (BTC).
- McGlone said the dominance of dollar-pegged stablecoins is reshaping the digital-asset ecosystem and that the spread of tokenization cannot be stopped.
- He said the market is in a cleansing phase, that Bitcoin could fall to $10,000, and that Tether's lead over Ethereum (ETH) by market capitalization could persist.
Forecast Trend Report by Period
Mike McGlone, Bloomberg Intelligence's senior commodity strategist, said it may be only a matter of time before Tether (USDT) overtakes Bitcoin (BTC), and that Bitcoin could fall to $10,000.
In a post on X on June 26, McGlone said Tether is likely to become the world's largest cryptocurrency. The dominance of dollar-pegged stablecoins is reshaping the broader digital-asset ecosystem, he wrote.
Tether is a stablecoin pegged to the dollar, he said. In a market where tokens tied to yield-generating real-world assets coexist with cryptocurrencies worth billions of dollars despite tracking nothing, little appears able to stop the spread of tokenization.
McGlone also said the market is now in a cleansing phase and that Bitcoin could fall to $10,000 in the process.
He added that Tether's market capitalization has already surpassed Ethereum (ETH), and that the trend could persist.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.