CandleFocus Bitcoin Vaulted to Top Macroeconomic Indicator, McGlone Says
2025-01-08
Author: Content Editor
According to Mike McGlone, a senior macro strategist for Bloomberg Intelligence, Bitcoin has become the top macroeconomic indicator and the fate of risk assets may depend on its performance. McGlone mentions that Bitcoin has a strong correlation with the stock market, which is currently at its highest level. The recent drop in Bitcoin's price was attributed to US economic data suggesting higher inflation. McGlone cautions against excessive bullishness around the $100,000 level and believes that Bitcoin is demonetizing gold. He advises holding exposure to Bitcoin as it would be irresponsible not to do so. However, if Bitcoin fails to maintain its value above $100,000 and experiences a correction, some Bitcoin ETF buyers may turn back to gold. The excessive flows into Bitcoin ETFs could indicate overenthusiasm in the market.
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