During a violent sell-off in early June 2026, the U.S. dollar-pegged stablecoin Tether (USDT) briefly surpassed Ethereum in market capitalization, becoming the second-largest cryptocurrency. Bloomberg Senior Macro Strategist Mike McGlone now predicts that Bitcoin could be the next to fall, potentially plunging to $10,000 and losing its top spot to Tether.
McGlone described the shift as a logical evolution, stating, "The technology is awesome. Cryptos adopted the dollar as their base layer, invested in US Treasuries. What rational American would push back on that?" He views the rise of stablecoins like Tether as a natural progression in the crypto ecosystem.
The strategist also warned of a "historic hangover" following the recent crypto bull run, drawing parallels to past bubbles. "The pump was historic, and the hangover should be proportional if the history of bubbles prevails," McGlone cautioned. He linked the potential correction to macroeconomic factors, suggesting that the current administration might be recognizing the stock market's role in consumer pain and inflation, and that higher interest rates could contain inflation—a key election issue—while putting downward pressure on bond yields.
