1930s comparison for Bitcoin price by McGlone

Mike McGlone, chief commodity strategist of Bloomberg, one of the world’s largest financial media organizations, has made a very controversial comparison. Describing Bitcoin as one of the best performing assets in history, McGlone compared the current price action to the stock market in the USA in 1930.

Comparing the Dow Jones chart of the 1920s and 30s, when the Fed raised and lowered interest rates sharply, with today’s Bitcoin chart, McGlone said:

One of the best-performing assets in history and a leading indicator — #Bitcoin — appears similar to the #stockmarket in 1930. Statistician and entrepreneur Roger Babson began warning about elevated equity prices well before economist Irving Fisher proclaimed a “permanently high plateau ” in 1929. The #Fed tilts our bias toward a stance similar to Babson’s.

McGlone has made many predictions about Bitcoin in the past that are both accurate and almost never come true. He stated that he expects the biggest crypto money to rise to 100 thousand dollars during the rise in 2021, but the flour will be in the long run. McGlone also stated that he did not expect Bitcoin to drop to $20,000, but since then, Bitcoin has dropped below $20,000 twice.