Bloomberg Analyst: Bitcoin Outpaces S&P 500, But Recession Could Shift Momentum
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, noted that Bitcoin (BTC) outperformed the S&P 500 in 2025 as of April 23, describing it as a notable achievement amid declining equity markets.
While the S&P 500 saw nearly a 10% drop, Bitcoin managed to recover to break-even levels for the year, which McGlone considered a strong showing for the leading cryptocurrency.
Crypto Faces Familiar Risks from Historical Market Crashes
Despite Bitcoin’s relative strength, McGlone cautioned that both stocks and digital assets could face significant pressure if the U.S. economy enters a recession. According to his analysis, Bloomberg Economics projects a potential 30% drawdown in U.S. equities under such a scenario.
He drew comparisons between today’s crypto markets and historical financial bubbles, including the 1929 Wall Street crash, Japan’s 1989 economic collapse, and the 2000 dot-com bust. McGlone warned that cryptocurrencies may be susceptible to similar downturns due to speculative behavior, volatility, and an oversupply of tokens.
Bitcoin vs Gold: The Safe-Haven Showdown
McGlone also acknowledged that both Bitcoin and gold have posted 42% gains over the past year, well above the S&P 500’s 10% increase. He raised the possibility that Bitcoin could outperform gold in the next 12 months—particularly if stocks experience deeper declines.
He concluded that Bitcoin still holds potential as a decentralized hedge against traditional financial risks, especially in a climate of economic uncertainty and political debate over central bank independence.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
