Bloomberg strategist: Tether overtaking BTC a matter of time, BTC could fall to $10K

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has stated that it may only be a matter of time before Tether (USDT) surpasses Bitcoin. In a post on X, he said that Tether is likely to become the world's largest cryptocurrency, adding that the dominance of dollar-pegged stablecoins is reshaping the entire crypto ecosystem. McGlone noted that Tether is a stablecoin pegged to the U.S. dollar and questioned what could stop the spread of tokenization in an environment where tokens tracking real-world, income-generating assets coexist with numerous cryptocurrencies that track nothing yet hold billions in value. He emphasized that the market is currently in a cleansing stage and believes Bitcoin could crash to $10,000 during this period. McGlone also pointed to Tether's previous overtaking of Ethereum's market capitalization, suggesting this trend could continue.