Bitcoin and gold are both losing money in 2026, and the three guests on The Wolf Of All Streets don't agree on what that means.
Most market debates pick a side. This one split three ways: Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued both trades are simply over; Dave Weisberger, co-founder of CoinRoutes, and Peter Tchir, head of macro strategy at Academy Securities, argued the real risk is sitting somewhere else entirely, in credit spreads and a private-debt-financed data-center boom.
"Bitcoin and gold are the worst two performing assets in 2026. We're going to talk about why that is, what's happening in the macro that might be affecting it, and of course what we can look forward to this coming week." — Scott Melker
Peter Tchir underwrites some of the exact debt he's warning about — his firm, Academy Securities, led the Blackstone REIT the panel spent several minutes picking apart.
The full episode is covered here so you can skip it. 1 hour 3 minutes of audio, 9 minutes of reading.
Here are the 8 takeaways that matter.
The Wolf Of All Streets · Oct 26, 2026 · 1h 3m · 54m saved
With Peter Tchir, Head of Macro Strategy at Academy Securities · Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence · Dave Weisberger, Co-Founder of CoinRoutes
Key Takeaways
Peter Tchir says the AI capex slowdown is showing up in credit spreads before it shows up in stocks
He's watching corporate-bond ETFs LQD, HYG and JNK for the moment they trade cheap to net asset value — a sign of disorderly selling
Dave Weisberger warns the data-center boom has created two risks at once: infected corporate balance sheets and financialization itself
The Fed's post-2008 playbook, he says, exists specifically to stop one from spreading into the other
Mike McGlone's bear case rests on a gold-to-Treasury ratio at its highest since 1983
He expects the 10-year yield to fall back below 4.84%, where it ended last year
Peter would avoid gold specifically, not Bitcoin, over Judy Shelton's past interest in "monetizing" gold
Any move in that direction would signal the US no longer treats gold purely as a reserve asset
Blackstone's BXDC REIT raised roughly $2 billion for data-center debt and has made no investment yet
It now trades at $16 against a roughly $19 issue price, which Dave compares to Grayscale's Bitcoin trust before its 50% discount
Mike and Dave disagree on whether Bitcoin's falling volatility makes it just another "pigeon," or proof it's being institutionalized
Peter's closing warning: income funds systematically selling volatility against the S&P 500 and Nasdaq 100 may be propping up "buy the dip" — and would unwind fast if it ever breaks
1. Fed Week's Macro Brief
Mike opened with a round-up of his Bloomberg Intelligence colleagues' calls heading into Fed week. Economist Anna Wong expects no hike but is watching whether the Fed's guidance tilts hawkish, and flags that the AI trade has been unwinding since a speech in Bangkok that the FOMC may end up discussing. Strategist Ira Jersey sees the 5s30s yield curve flattening since early August and doesn't expect hyperscaler debt issuance to crowd out Treasuries. Equity strategist Chris Kane notes the S&P 500 is only about 3% off its all-time high, with low-risk, low-volatility stocks outperforming since July and year-over-year earnings growth near 26%.
Mike blames the curve, not crypto, for gold and Bitcoin's rollover
"I blamed Ira Jersey for peaks in gold and bitcoin. Don't fight the Fed... that's the highest on a year basis since 1999, [and] that's a reason to just stay away from non-income producing assets." — Mike McGlone
That reference is to the five-year Treasury note's brief move above 5%, the highest on a year-over-year basis since 1999 — which Mike reads as the signal to avoid gold and Bitcoin alike.
