A recent conversation between Bloomberg’s Mike McGlone and bitcoin (BTC ($67,859.00 · Live)) advocate Lawrence Lepard on Scott Melker’s show devolved into expletives and a ragequit. On one side, a BTC price forecast of $10k. On the other side, a BTC forecast of $140k to over $1 million.
The shouting match is a case study in how polarized beliefs about the value of BTC have become.
On one side of the argument, McGlone forecasted a BTC drop to $10,000 and laughed at Lepard’s buy-and-hold investment strategy. “You’re dollar cost averaging in an asset that has an unlimited supply, that’s done, that’s over,” McGlone stated.
That forecast earned immediate backlash. “Whoa, whoa, whoa. Unlimited supply? What the f*** are you talking about?” Lepard countered.
McGlone recast his claim about unlimited supply to the asset class of altcoins, even though he made the initial claim about bitcoin specifically.
“OK, maybe you should let me speak before you interrupt,” McGlone continued. “You’re at the start of a classic bear market. You’re denying it, you’re trying to buy every dip. You’ll sell out. You’ll stop out when – and I’ll say it now – it reads as a pretty low plateau around $10,000. That’s usually how markets work.”
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McGlone called 2024 “as good as it gets” for crypto amid that initial euphoria about Donald Trump’s presidential election. Indeed, on November 18, 2024, the Fear & Greed rocketed to 83 on a scale from 0 to 100, its highest reading in 3.5 years.
McGlone concluded that the crypto industry is “done” and recommended everyone to immediately “get out.” “From the future, we will look back at the crypto mania as very comparable to tulips.”
Lawrence Lepard responds to a BTC $10k forecast
After McGlone’s rant, Lepard said he would clip that video of McGlone as the “dumbest fucking comments.” Within six minutes, Lepard ragequit the interview entirely.
After a brief moment of ambiguity over whether McGlone had said the acronym ETF or ETS, and after McGlone reiterated his view that inflows into ETFs as a bullish catalyst for BTC had failed to sustain prior rallies, Lepard claimed that McGlone was not letting him finish his bullish comments about BTC.
“Fuck you, I mean fuck you, seriously,” Lepard concluded. “Bye guys.”
Lepard is a professional money manager and a BTC permabull. McGlone is a senior commodity strategist at Bloomberg Intelligence.
After Lepard ended the exchange abruptly, his supporters celebrated. Soon, McGlone apologized on X for cutting-in. “I have apologized to Larry for interrupting him on Macro Mondays.”
Lepard has incorrectly predicted the price of BTC before, including a failed forecast for BTC to hit $140,000 last year.
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