Bloomberg’s Strategist Explains Why Shiba Inu’s “Short-Lived” Success Will Elevate Bitcoin’s Significance

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Bloomberg’s Strategist Explains Why Shiba Inu’s “Short-Lived” Success Will Elevate Bitcoin’s Significance
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Key takeaways

  • Bloomberg’s Mike McGlone calls SHIB a brilliantly designed speculative asset.
  • The strategist expects Bitcoin to solidify its position once risk-off sentiments return to the market.

Apparently, Bloomberg Intelligence’s senior commodity strategist Mike McGlone is not a fan of dog-themed cryptocurrency Shiba Inu. In a tweet today, he refers to the meme coin as a “Dogecoin copycat” that has some “brilliance in design and marketing for NGU (Numbers Go Up) technology.”

The strategist also believes that Bitcoin holds the advantage over SHIB. He noted that when the chips go down and the meme coin speculative craze wears off, the market would surely swing back to risk-off sentiments that would see investors consolidate their gains into Bitcoin thereby solidifying Bitcoin’s status.

“Dogecoin copycat #ShibaInu has some brilliance in design and marketing for NGU (Number Go Up) technology, but when the game is up for the speculative meme token, risk-off sentiment is likely to prevail in the crypto market and solidify #Bitcoin’s status.”

Remarkably, his sentiment is coming after some key players have said that Shiba Inu flipping Dogecoin is a reason to be concerned about Ethereum flipping Bitcoin as it would establish that the feat was doable for Ethereum. The pundits were concerned that should Ethereum flip Bitcoin, the pioneer cryptocurrency would face the possibility of losing a lot of its value and esteem in the market.

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Meanwhile, SHIB is showing signs of not being able to sustain its position above DOGE. In the past few hours, DOGE has surpassed SHIB on the crypto rankings on the back of massive liquidations in the market.

SHIBUSD Chart By TradingView
SHIBUSD Chart By TradingView

Despite the stall, SHIB is still attracting a lot of attention from leading institutional adopters. The CEO of the world’s biggest movie theater chain AMC, Adam Aron, has indicated that the firm may accept the canine-themed token for movie tickets in addition to its plans to start accepting Bitcoin, Ethereum, Litecoin, and most recently Dogecoin. 

The CEO, similar to how he reached a decision to accept DOGE earlier this month, had set up an online poll for Twitter users to vote on if the movie theater chain should also accept SHIB. Over 82% of around 76,000 votes that have been cast are in favor of the move. It is likely that should SHIB fans win the vote, the company will pivot its plans to include the meme token in its plans for cryptocurrency adoption next year.

On the smaller front as well, SHIB is recording adoption by local shops. In Paraguay, Hattori Sushi and Drinks, a sushi restaurant, has revealed plans to accept SHIB and is even giving a 30% discount to customers who pay with the joke coin.