McGlone Says Fed Rate-Hike Pricing Pressures Bitcoin, Gold and Copper

Bloomberg Intelligence senior commodity strategist Mike McGlone said market pricing for three Federal Reserve rate hikes was a headwind for Bitcoin, gold and copper in an interview published Oct. 23.

McGlone pointed to three rate increases priced into markets and described that outlook as a headwind across the three assets.

“Bitcoin can easily drop a zero,” McGlone said, reiterating his $10,000 downside scenario. He has previously tied that possibility to a sustained decline of about 20% in the S&P 500.