Bloomberg Analyst Mike McGlone Reveals Dire Warning About Crypto

It’s been just reported that the Bloomberg analyst Mike McGlone warned that Bitcoin and more crypto assets could end up crashing in case this happens. Check out the latest reports below.

Bloomberg Intelligence’s senior macro strategist Mike McGlone is expressing bearish sentiment on Bitcoin (BTC) and other cryptos.

In a new Blockworks Macro interview, McGlone said that he sees the stock market falling off a cliff.

According to the macro analyst, most of the important altcoins will likely witness a severe correction following a drop in the stock market, with Bitcoin printing a new bear market bottom.

“My base case is [the S&P 500 index] is going to 3,000, Bitcoin’s going to go down, I don’t know how far. It might make a new low.

Cryptos will go down real hard. We’re going to purge some of these 24,000 cryptos. Get rid of some. They’re just silly.

But Bitcoin, Ethereum will come out ahead.

So my base case is that’s going to happen, S&P 500 goes to 3,000. Yields drop a lot.”

According to McGlone, the downturn is likely to last for months.

“Next year will be more enduring. It will just continue that…

You have to get through this enduring period of a severe, I would say, purge of assets. That’s my base case.”

US banking giant Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit connected to illegal practices that regulators say the bank perpetrated on the American public.

The settlement stems from a series of fraudulent business practices that Wells Fargo systematically deployed against its customers. The latest info is according to the Consumer Financial Protection Bureau (CFPB).

It’s also important to note the fact that back in December, Wells Fargo agreed to pay the CFPB a record $3.7 billion fine for illegally freezing customer accounts, charging unlawful fees, opening customer accounts without permission, and improperly seizing vehicles. Check out the previous article in order to learn more details.