Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, said that Tether (USDT) surpassing Bitcoin could be a matter of time. He emphasized via X, "Tether is highly likely to grow into the world's largest cryptocurrency. The dominance of dollar-pegged stablecoins is reshaping the entire crypto ecosystem." He added, "Tether is a stablecoin pegged to the dollar. In a situation where tokens tracking real assets that generate profit and income coexist with numerous cryptocurrencies that track nothing but hold billions of dollars in value, what could stop the spread of tokenization? The market is currently in a cleansing phase. I believe Bitcoin will plummet to $10,000 during this phase." He then mentioned Tether having surpassed Ethereum's market cap, adding, "This phenomenon could continue."
