Bitcoin’s Correlation with Stocks Raises Concerns: Mike McGlone Warns Investors

Mike McGlone, a respected senior macro strategist at Bloomberg Intelligence, has raised eyebrows by highlighting the increasing correlation between Bitcoin and traditional risk assets like the S&P 500. His analysis challenges the notion of Bitcoin as ‘digital gold,’ suggesting its price is becoming more closely tied to equity market performance, especially when S&P 500 indexes rise or fall. This shift has implications for investors who relied on Bitcoin’s decentralized nature and potential as a hedge against inflation.