Back to Markets
Crypto▼ Bearish
McGlone: Crypto-Flood to SpaceX Is Structural, Not Temporary
Bloomberg's Mike McGlone says capital leaving crypto for SpaceX and AI stocks is structural, not temporary. IPOs let insiders exit, and cryptos lack earnings. Next catalyst: Anthropic IPO.
Continue with
SpaceX shares closed at $161 in their first day of public trading, up 19%. The listing pushed Elon Musk past the $1 trillion net worth mark. Bloomberg senior commodity strategist Mike McGlone read the event as a signal about where speculative capital will live from now on.
“Structural change,” McGlone told Coinpedia. “Cryptos have unlimited supply of millions of coins worth billions and tracking nothing. That is being purged toward the only game left in town, now that gold and silver have peaked, which is U.S. stocks.”
McGlone sees the outflow from digital assets into SpaceX and AI equities as a permanent shift, not a rotation that will reverse. With SpaceX public and Anthropic and OpenAI each expected to follow later this year at valuations near $1 trillion, the question is whether markets can absorb all of it. McGlone said he hears Jim Chanos’s point that “supply is finally meeting demand in U.S. stocks.”