Main navigation

If Bitcoin (BTC) Stalls at $30,000, Here's What May Happen to Economy: Mike McGlone

Thu, 07/20/2023 - 14:30
article image
Yuri Molchan
Chief commodity expert of Bloomberg has revealed what impact of stalling Bitcoin may be on US economy in near future
If Bitcoin (BTC) Stalls at $30,000, Here's What May Happen to Economy: Mike McGlone
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Chief commodity strategist of Bloomberg Intelligence Mike McGlone took to Twitter to share a screenshot from a recent Bloomberg report that included something important about Bitcoin.

McGlone believes that if Bitcoin fails to rise higher than the current $30,000 level, it may be a bad sign for the whole U.S. economy.

Elon Musk's Tesla Sold Bitcoin One Year Ago, Community Wonders If Repurchase Coming

"If Bitcoin stalls, there may be a bigger issue" with Nasdaq

The expert reckons that should the flagship cryptocurrency, which many believe to be "the fastest horse in the race," stall in the $30,000 range despite the hype created by the potential launch of a BTC spot ETF, it may indicate bigger economic issues than the U.S. is seeing now.

McGlone mentioned that since the end of Q1 this year, the Bitcoin price has risen by 5%, unlike the Nasdaq Composite index, which increased by almost 20%. He stated that the recent rally of risk assets has not been endorsed by Bitcoin. In order to rise, BTC may have to pass through a significant drop first, McGlone wrote in the report, and if Bitcoin stalls now where it is — around $30,000 per coin — it may "portend headwinds from a potential deflationary economic storm."

As for BlackRock's filing for a Bitcoin spot ETF, the strategist continued, it sparked a short-lived price surge, similar to the emergence of Bitcoin futures in December 2017. He believes that the SEC might not approve of the ETF this year (if it does at all), and in the second half of 2023, Bloomberg analysts expect the U.S. to face a recession.

Elon Musk's New Tweet Gets Unexpected 'Bitcoin Response' From Michael Saylor: Details

At the time of this writing, the digital gold (BTC) is changing hands at $30,242, according to data from CoinMarketCap. Over the past 24 hours, the BTC price has increased by nearly 1%.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at