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Bitcoin May Gain Upper Hand Vs S&P 500 and Surge: Bloomberg’s Mike McGlone

Thu, 10/20/2022 - 15:06
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Yuri Molchan
Bitcoin staying at $19,000 may be an indication of an enduring bull market, Bloomberg’s chief strategist believes
Bitcoin May Gain Upper Hand Vs S&P 500 and Surge: Bloomberg’s Mike McGlone
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Chief commodity strategist of Bloomberg Intelligence, Mike McGlone, has posted a tweet, in which he again assumes that Bitcoin may be seen as a store of value and it may rise beating the S&P 500 index.

McGlone tweeted that Bitcoin trading at $19,000 may “gain upper hand” vs S&P 500 that is changing hands at $3,600 at the moment.

The screenshot from a recent Bloomberg report posted with the tweet, says that S&P 500 has dropped around 20 percent this month so far. While the traditional markets are following S&P on the way of the decline, the report points out that Bitcoin is building a base around the $19,000 price mark.

According to the report, a further fall of the S&P 500 price may stop further tightening policy of the Fed Reserve. Hence, the biggest “pump-and-dump” in the US money supply ever seen may prove Bitcoin as a store of value.

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Besides that, in an earlier tweet today, McGlone reminded the community that Bitcoin’s finite and diminishing supply is a key factor for its price to “continue to rise over time”. Some unexpected factor may interfere and reverse the demand and adoption trends related to BTC, but McGlone called it “unlikely”.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at