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Chief commodities strategist at Bloomberg Mike McGlone He took to his social media account
McGlone explains the opposite of Bitcoin
In a tweet, Bloomberg's chief strategist wrote that the current rebound is not only related to Bitcoin but also to gold and other risky assets. However, Bitcoin was the lowest of all due to its particularly high volatility.
The analyst noted that unlike Bitcoin, the S&P 500 did not see any significant decline in the fourth quarter of this year, while BTC trades at nearly three times its beta volatility. However, McGlone added that the impressive strength the S&P 500 has been showing so far won't necessarily hold up into next year, according to the tweet: "S&P 500 is unlikely to continue down 10% since Q4 of 2023 in 2025."
As for the current big decline in Bitcoin, volatility aside, McGlone described the main reason for it as “just a little bit of a natural bounce.” Today, Bitcoin is down 2.45%, falling from $96,275 to $93,660. Over the past week, the world's leading cryptocurrency has fallen by almost 14% as it collapsed from over $108,300 to the aforementioned price level where it is currently trading.
Related to
Bitcoin holds its value no matter what Robert Kiyosaki
Renowned Bitcoin investor and author of the best-selling book on financial literacy “Rich Dad Poor Dad” Robert Kiyosaki today issued a tweet about Bitcoin, gold and silver.
He stated that the global collapse of economies and financial markets, which he had predicted several times earlier, had begun and what lay ahead could be another Great Depression. He advised his readers on the X platform to be smarter with their money and stick to their jobs and sources of income.
However, he noted that no matter what path any economy in the world takes (especially the US economy), “gold, silver and bitcoin hold their value.” Kiyosaki also reminded the community of his favorite thesis about wealth creation and opportunity during market crises: “For many people, crashes are the best times to get rich.”
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