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. Related Reading: Analyst Says Dogecoin Could Skyrocket 16% Any Moment 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 experience ..
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