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


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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

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.


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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