Podcast: Bloomberg Analyst: The Bitcoin Supercycle Is Here | Mike McGlone

Mike McGlone discusses the incoming Bitcoin supercycle while postulating on a world post-gold and the outlook for an Ethereum ETF.

by Brianna Beckford /
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On this episode of Blockworks’ podcast “On the Margin,” Michael Ippolito, co-founder, is joined by Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence.

Mike shares his thoughts on the Bitcoin futures ETFs, the outlook for an Ethereum ETF, crypto market cycles, and the incoming Bitcoin supercycle.

They also covered:

  • China’s effect on commodity prices
  • The deflationary forces of technology
  • and more!

Watch the full episode down below! 👇

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by a co-host where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

Subscribe to “On the Margin” today on Apple or Spotify, or watch episodes on YouTube.

Are you a UK or EU reader that can’t get enough investor-focused content on digital assets? Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.

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Memecoin market cap is down 81% from its January 2025 peak, and the market has priced Pump.fun as if its business fell with it. However, Pump earns almost all of its revenue in the first day of a token's life, and activity at that stage is back at a record in SOL. The token trades at 2.8x sales against a peer median of 12x, with a programmatic buyback retiring roughly 17% of circulating supply a year. We attribute the discount to two errors: the market prices the memecoin index rather than Pump's revenue, and it overweights an alignment risk that buybacks cover for the life of the contract. We are constructive on PUMP, with the recent launchpad share loss to Pons and StonkFun as the risk to watch.

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