Mike McGlone, senior commodity strategist at Bloomberg Intelligence and former chief strategist at The Lyford Fund (Global Macro Hedge Fund), recently warned that the current Bitcoin (BTC) an
Mike McGlone, senior commodity strategist at Bloomberg Intelligence and former chief strategist at The Lyford Fund (Global Macro Hedge Fund), recently warned that the current Bitcoin (BTC) and crypto market mirrors the stock market of 1930.
McGlone wrote an X post on July 20 in which he shared an excerpt from financial journalist Brendan Greeley's recently published book "The Almighty Dollar: 500 Years of the World's Most Powerful Money" (2026).
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In the book, Greeley refers to the popular American economist's public statement on Oct. 16, 1929, that stock values had reached a “permanently higher plateau” and would be even higher in the next months.
Just days later, the New York Stock Exchange (NYSE) crashed on what came to be called "Black Thursday" on Oct. 24, 1929. It marked the beginning of the Wall Street Crash of 1929, which itself led to the "Great Depression" that lasted until 1939.
Fischer, who was heavily invested in stocks, lost most of his fortune, writes Greeley.
Though Fischer's work on debt deflation has experienced a significant revival of mainstream interest following the 2008 recession, his reputation was irreparably harmed during his lifetime due to his bullish statement just before the Wall Street crash of 1929.
In his post, McGlone drew a chilling parallel to Bitcoin peaking in 2025 following the launch of crypto-linked exchange-traded funds (ETFs) and the Trump family's ventures and bullish comments in the U.S.
Bitcoin, Cryptos 2026 vs. Stocks 1930 From The Almighty Dollar by Brendan Greeley“It is always tempting to read dips as a sign that the amateurs are scared and that’s exactly what Fischer did. Just before the 1929 crash, he told newspapers that stock values had reached a… pic.twitter.com/p48YJlhK60
— Mike McGlone (@mikemcglone11) July 20, 2026
Wall Street giants such as BlackRock (NYSE: BLK), Franklin Templeton (NYSE: BEN), Morgan Stanley (NYSE: MS), and Fidelity Investments have launched their spot Bitcoin ETFs in the U.S.
While President Donald Trump promised to turn the country into the "Bitcoin superpower of the world" and proposed a strategic Bitcoin reserve at the federal level, his family's multiple crypto ventures, such as meme coins, World Liberty Financial, etc., have generated controversy over conflicts-of-interest concerns.
As reported earlier, Trump made an income of at least $1.2 billion last year from crypto itself.
While Bitcoin peaked at $126,080 on Oct. 6, 2025, it is currently trading 50% lower. As per McGlone, the leading cryptocurrency has already peaked and isn't going to recover to previous highs anytime.
BTC/USD, Source: DecibelBitcoin was trading at $63,889 at the time of writing, as per Decibel.
Related: Legendary hedge fund analyst warns Bitcoin is heading towards 1929-style crash
