SpaceX closed its first trading day at $161 a share, up more than 19%, and Elon Musk became the world’s first trillionaire. While markets celebrated, Bloomberg senior commodity strategist Mike McGlone delivered a cold-water take on what Thursday’s historic listing actually means for crypto, equities and the broader capital markets.

A Structural Shift, Not a Temporary Rotation

The question most crypto investors are asking is whether the capital leaving digital assets for SpaceX and AI stocks will come back.

“Structural change,” he said. “Cryptos have unlimited supply of millions of coins worth billions and tracking nothing. That is being purged toward the only game left in town, now that gold and silver have peaked, which is U.S….