With Bitcoin (BTC) continuing to trend around the $31,000 area it reached following multiple spot Bitcoin exchange-traded fund (ETF) applications by renowned organizations, Bloomberg’s commodities expert has analyzed its possible fate in the second half of 2023.
As it happens, Mike McGlone noted that the flagship decentralized finance (DeFi) asset’s gain of 84% in the first half of 2023 “was about double that of the Nasdaq 100 and consistent in annual volatility (risk-adjusted),” according to the observations he shared in a tweet on July 6.
Bitcoin versus Nasdaq 100 index. Source: Mike McGlone/Bloomberg Intelligence
At the same time, he believes that it is the second half of 2023 “that may define the benchmark crypto as a high-beta version of the stock market, or for its potential to be digital gold in a world going that way.” In McGlone’s opinion:
“Our bias is somewhat in the middle. We view a true test of Bitcoin is likely to come when the stock market enters a bear m
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