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Dogecoin Faces 1929-Style Reckoning: Bloomberg’s McGlone
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Dogecoin Faces 1929-Style Reckoning, Bloomberg’s McGlone Warns

Jake Simmons
Jake Simmons
3 months ago
3 mins read
Dogecoin crash news

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Bloomberg Intelligence’s chief commodity strategist, Mike McGlone, has issued a stark caution to Dogecoin holders and the broader crypto community by drawing comparisons to historical instances of market excess. In a series of recent posts published on X , McGlone invoked the years 1929 and 1999—the notorious eras of the stock market crash and the dot-com bubble—to underscore the risks of speculative “silliness” in digital assets.

Dogecoin Mirrors 1929-Style Risk

He singled out Dogecoin in particular, emphasizing its vulnerability to a potential market reversion, while also pointing to gold as a beneficiary if risk appetite continues to deteriorate. “Dogecoin, 1929, 1999 Risk-Asset Silliness and Gold – The ratio of gold ounces equal to Bitcoin trading almost tick-for-tick with Dogecoin may show the risks of reversion in highly speculative digital assets, with deflationary implications underpinning the metal,” he wrote.

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The chart below shows how closely the meme-inspired cryptocurrency’s market cap has mirrored the Bitcoin-to-gold ratio. The tracking of these two metrics suggests that whenever the relative value of Bitcoin to gold experiences a shift, Dogecoin’s trajectory pivoted sharply, exposing it to the same market forces that have historically challenged highly speculative assets.

Bitcoin/ gold and Dogecoin
Bitcoin/ gold and Dogecoin | Source: X @mikemcglone11

McGlone’s broader thesis does not end with Dogecoin. In another post, he turned attention to the notion of gold reaching $4,000 per ounce, linking such a possibility to dynamics in the bond market and to potential declines across risk-on sectors, including cryptocurrencies.

“What Gets Gold to $4,000? 2% T-Bonds? Melting Cryptos May Guide – A path toward $4,000 an ounce for #gold could require something that’s typically a matter of time: reversion in silly-expensive risk assets, notably cryptocurrencies,” he stated.

He underscored that if the US stock market were to remain under pressure, bond yields might eventually be pulled lower by the comparatively meager 2% or lower yields seen in China and Japan. Such a scenario, in McGlone’s view, adds tailwinds for gold because a shift from relatively high-yielding Treasuries to lower-yielding government bonds abroad could drive investors toward alternative havens.

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Analyst Predicts Dogecoin And Altcoins’ Next Surge – Here’s The Timeline

3 months ago

The chart shared by McGlone reinforces his analysis of decelerating demand for risk assets. One visual, titled “Elevated US Stocks, Bond Yields vs. China, Japan,” displays the persistent divergence between US Treasury yields, which hover around the 4.19% mark, and the comparatively subdued rates of Chinese and Japanese government bonds, situated closer to 2% and 1.51% respectively.

Elevated US stock, bond yields vs. China, Japan
Elevated US stock, bond yields vs. China, Japan | Source: X @mikemcglone11

The graphic also portrays the S&P 500’s market cap-to-GDP ratio, which remains historically high despite recent volatility. McGlone’s conclusion is that continued pressure on equity markets, combined with global bond rates that sit well below US yields, could accelerate a rotation into gold if investors perceive a downturn in “expensive” asset classes, including risk assets like Dogecoin.

A third post addressed the broader altcoin market, with McGlone pointing to Ethereum as a leading indicator of whether the overall trend has turned bearish for digital assets. “Has the Trend Turned Down? Ethereum May Guide – Ether, the No. 2 cryptocurrency, is breaking down, with deflationary implications and gold underpinnings,” he noted.

At press time, DOGE traded at $0.16663.

Dogecoin price
DOGE holds above the trend line, 1-week chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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