Mike McGlone named popular tokens that should be disposed of immediately

Bloomberg Intelligence senior strategist Mike McGlone expressed concern about the risks of investing in the meme cryptocurrencies DOGE and SHIB.

McGlone said that during the brewing «economic storm,» bitcoin will continue to outshine other digital assets. However, as for Dogecoin and Shiba Inu, their prospects are less bright, the analyst suggested.

The crypto expert called DOGE and SHIB speculative assets that should be immediately removed from the market. And with the Federal Reserve tightening its policy and a looming recession, McGlone urged investors to get rid of these crypto assets as soon as possible.

The economist compared meme tokens to the financial crisis of 1929 and the dot-com bubble of 2000. McGlone explained that a strong stock market correction will put pressure even on BTC, and DOGE and SHIB will not be able to survive in these difficult conditions. Therefore, the elimination of these two cryptocurrencies will benefit the crypto industry by creating conditions for a more stable market, McGlone said.

«I see a hurricane coming and I’m warning you about it. We need to get rid of excess liquidity and high-risk speculative assets. Dogecoin and Shiba Inu are nothing but real speculation machines. There are hundreds of cryptocurrencies, and only bitcoin will always remain in the first place ,» McGlone said.

Earlier, the Bloomberg strategist said that he believes in the future of the two top cryptocurrencies — bitcoin and ether — which managed to stay afloat even during the serious decline of the cryptocurrency market last year. According to the expert, despite the resistance from regulators, the flagship of the crypto market will return to its historical high of $ 69,000 in the near future. The analyst is confident that BTC will continue to outperform most financial assets, including gold and Treasury bonds, in terms of profitability.