Mike McGlone suggests AI risk could force Bitcoin drawdown to $10,000

Bloomberg Intelligence senior commodity strategist Mike McGlone, who previously predicted a $100K Bitcoin, now suggests Bitcoin could drop to $10,000 due to AI risk. He argues the ETF launch signaled the trade was over, viewing Bitcoin as a 'stock puppet' with high beta, and notes that a Fed priced for three hikes is a headwind for Bitcoin, gold, and copper.