Bitcoin Outperforming S&P 500 Year-to-Date Is an ‘Accomplishment,’ Says Bloomberg Analyst – But There’s a Catch

Bloomberg commodity strategist Mike McGlone says Bitcoin (BTC) outperforming the S&P 500 year-to-date was a success for the crypto king.

In a new thread, McGlone tells his 68,800 followers on the social media platform X that the top crypto asset by market cap is surging vs stocks, which themselves could see further drawdowns if the market enters a recession.

“Recovering to unchanged in 2025 as of April 23 was an accomplishment for Bitcoin vs. the S&P 500’s almost 10% decline. Yet what some see as the fastest horse in the race may face deflation. Bloomberg Intelligence’s and Economics’ outlook is for about a 30% drawdown in the US stock market in the case of a recession.”

According to McGlone, the crypto asset bubble could also face the same drastic results seen during the US stock market crashes of 1929 and 2000 and the Japanese stock market crash of 1989. The analyst says digital assets may face the burdens of unlimited supply, high volatility, and being speculative in nature.

“Cryptos vs. 1929 US, 1989 Japan, internet bubble cryptocurrencies in 2025 could be akin to the US stock market in 1929, Japan in 1989 and the internet bubble to its 2000 peak, with deflationary implications favoring gold and US Treasury bonds.

That the much-hyped crypto space is roughly flat vs. beta for about seven years may suggest the burden of unlimited supply, volatility and speculation in a nascent technology.”

However, McGlone concludes by noting that the flagship digital asset could surpass gold if stocks continue to fall.

“Bitcoin and gold are both up about 42% to April 23 on a one-year basis with the S&P 500 up almost 10%. What of the next 12-months, can the crypto beat the rock if stocks fall?”

BTC is trading for $93,228 at time of writing, a 1% increase during the last day.

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