Mike McGlone: There is a risk of Bitcoin falling to $10,000

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Mike McGlone ( said that excessive speculation and overvaluation of digital coins are having an increasingly negative impact on people and could lead to serious consequences:

"Look at Dogecoin. It still has a market capitalization of $20 billion. It should drop to zero. The entire cryptocurrency space needs a cleanup, just like it was with the dot-com bubble."

According to the expert, Bitcoin still needs to prove its status as "digital gold". Crypto investors will face a very long recovery period after the current correction, McGlooun clarified his thoughts.

The overheated US stock market has become another reason for the massive decline in digital assets. The size of the market is disproportionate to the American economy, and such a gap cannot go unnoticed, believes the analyst.

Earlier, the CEO of Block and creator of Twitter, Jack Dorsey )Jack Dorsey(, stated that Bitcoin could lose its value if people stop using the coin in everyday transactions.

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