Bloomberg Intelligence Senior Commodity Strategist Mike McGlone Remarks on Bitcoin’s Market Behavior
Bloomberg Intelligence senior commodity strategist Mike McGlone stated that Bitcoin’s market behavior is increasingly resembling that of high-risk stocks, rather than the “digital gold” traditionally viewed as a safe-haven asset, suggesting that gold may be a more stable hedging option.
(Background: Bitfinex Declares “Bitcoin Bull Market Returns”: BTC Expected to Challenge Historical Highs, but Concerns Remain Over U.S. Economy and Policy)
(Supplementary Background: Bitcoin Being “Bought Up” by Government: A New Recognized Asset or Concentrated Risk?)
Bitcoin Stabilizes at Key Price Point
Since Bitcoin returned to the $100,000 mark on May 8, it has maintained this critical price level for several consecutive days, with the market eagerly anticipating a further breakthrough, especially considering that it is only a short distance from the historical high of $109,800 set in January this year.
Bloomberg Analyst: Bitcoin’s Performance Unlike Digital Gold
In this context, on May 13, Mike McGlone posted on the X platform, issuing a warning regarding Bitcoin’s market performance. He pointed out that Bitcoin’s market behavior is increasingly resembling high-risk stocks, rather than the traditionally viewed safe-haven asset “digital gold.” The analyst further noted that if the S&P 500 index experiences a pullback in 2025, Bitcoin could also be significantly impacted, whereas gold may serve as a more stable hedging choice.
Additionally, Mike McGlone shared a chart in his post, indicating that the 90-day correlation between Bitcoin and the S&P 500 reached 0.679 in 2025, the highest since 2016, significantly surpassing the correlation between gold and the S&P 500 (only 0.16).
He specifically mentioned Bitcoin’s four-year cycle, indicating that its systemic risk is increasing and may peak in the near future:
Less Digital Gold, More Leveraged Beta; Bitcoin’s Peak Inklings – Bitcoin’s correlation is high and rising to the S&P 500, which is overdue for some normalization of outsized growth and may continue to favor gold. Unless beta can sustain a gain in 2025, my analysis focused on the…pic.twitter.com/o4LsEnsRnj
— Mike McGlone (@mikemcglone11) May 13, 2025
Mixed Reactions from the Community
However, the response from netizens to McGlone’s viewpoint has been polarized. On one hand, many agree with his analysis, believing that his data and perspective are worthy of attention; on the other hand, numerous users have questioned his predictions, arguing that Bitcoin’s long-term potential remains underestimated.
One user specifically countered, stating: “I do not deny your data analysis, but you might be surprised by the progress of Bitcoin’s adoption curve. I firmly believe that in the near future, you will stop using terms like ‘3x beta’.” Another user directly challenged McGlone, asking: “At what price will you admit you were wrong about Bitcoin? $200,000, $300,000, or $500,000?”
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