Mike McGlon, a senior strategic freight analyst at Bloomberg Intelligence and former chief strategic analyst at The Lyford Fund, recently warned that his current market bitcoin and cryptocurrency reflects the state of the 1930 stock market.
McGlon published a post on X on July 20, in which he shared a quote from journalist Brendan's recent book Greeley entitled «The Almighty Dollar: 500 Years of the World’s Most Powerful Money».
In the book, Greeley refers to the public statement by popular American economist on 16 October 1929, according to which share prices had reached one «permanently higher level» and would be even higher in the coming months.
Just a few days later, the New York Stock Exchange collapsed and caused what was known as «Black Thursday»On 24 October 1929. The event marked the beginning of the 1929 Crash, which in turn led to «Great Depression» which lasted until 1939.
The well-known investor, named Irving Fisher, who had invested heavily in shares, lost most of his estate, writes Greeley.
Although Fisher's work on his deflation debt he experienced a significant revival of interest from the scientific community after the 2008 recession, his reputation suffered irreparable damage during his life due to his optimistic statement shortly before the collapse of Wall Street in 1929.
In his post, McGlon made a creepy comparison with the bitcoin that reached its peak in 2025, after the circulation of crypto-related traded fund funds (in Greek).ETF) and business initiatives and optimistic comments from the Trump family in the US.
Wall Street Colossians such as BlackRock, Franklin Templeton, Morgan Stanley and Fidelity Investments have launched their spot bitcoin ETF in the US.
The Donald Trump promised to turn the country into «global power of bitcoin» and proposed the creation of strategic bitcoin stock at federal level, his family's multiple business activities in the cryptonomy sector, such as «meme coins» World Liberty Financial, among other things, have caused controversy due to concerns about conflict of interest.
As recently revealed, Trump collected revenues of at least $1.2 billion last year from cryptocurrency.
While bitcoin reached the highest point of $16,080 on October 6, 2025, it currently negotiates 50% lower, according to Yahoo.
According to McGlon, the top krypton coin has already reached its peak and will not recover to previous high levels soon.
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