His message: gold could be gearing up for record highs, while Bitcoin faces the prospect of collapse.
Instead of framing Bitcoin as “digital gold,” McGlone warned that the cryptocurrency has increasingly behaved like a high-beta stock. Its movements, he said, now mirror the S&P 500 more closely than ever before, leaving it vulnerable if equities falter. For Bitcoin to remain near current highs, the stock market would need to keep climbing — a scenario he does not expect.
According to McGlone, Bitcoin’s surge toward $100,000 was not a sustainable milestone but rather the final stretch of a speculative bubble. In the event of a broader downturn, he believes the cryptocurrency could tumble as low as $10,000, erasing much of the gains made during its rally.
He also pointed to the dilution of Bitcoin’s uniqueness. In 2009, it was the only cryptocurrency. Now, with more than 21 million different tokens circulating, its role as the singular digital asset has been blurred, further undermining its long-term narrative.
While his tone on Bitcoin was bleak, McGlone’s outlook for gold was the opposite. He projects the metal could climb toward $4,000 per ounce, fueled by investor flight from equities and other speculative assets. In his view, the downturn in stocks will be the very catalyst that powers gold to new heights.
McGlone doesn’t mince words about the months ahead: the final quarter of 2025, he says, is unlikely to be kind to risk assets. Stocks, cryptocurrencies, and speculative markets are all set to face headwinds. For those seeking stability, he argues, gold may once again prove to be the ultimate refuge.
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