JUST IN: Bloomberg's Mike McGlone calls Bitcoin worthless! "This is just a bounce within the purge. It's all hopium." "We have crypto-dollars now."

What happened

Bloomberg commentator Mike McGlone said Bitcoin is worthless, calling its recent rise a bounce in a purge, dismissing optimism as 'hopium' and noting the existence of crypto‑dollars.

Confirmed

Global impact / market context

If a high‑profile Bloomberg voice labels Bitcoin worthless, investors may doubt its durability, potentially shifting money to perceived safer assets like crypto‑dollar stablecoins, and overall market sentiment toward digital currencies.

Analyst inference

His remarks come amid ongoing debate about Bitcoin’s role versus stablecoins, highlighting tension between speculative assets and more stable crypto‑dollar projects, and reflecting uncertainty about which digital money will attract future investment from institutional and retail investors.

Analyst inference

What to watch

1. Watch Bitcoin’s price over the next two weeks to see if the negative comment triggers a further sell‑off or if the bounce holds. Analyst inference
2. Observe any increase in stablecoin (crypto‑dollar) inflows as investors might prefer assets described as less risky after the statement in the crypto market. Analyst inference
3. Track Bloomberg’s coverage of crypto, since further critical pieces could amplify market sentiment and influence broader funding decisions for digital‑currency projects across the industry. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• x.com