Bitcoin (BTC) 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

Bloomberg analyst Mike McGlone has pointed out that Bitcoin (BTC) outperformed the S&P 500 as of April 23, a feat achieved amid a declining equity market and relative strength in digital assets.

While the S&P 500 saw nearly a 10% decrease and is still trading below its 2023 highs, Bitcoin has managed to recover to break-even levels for the year, which McGlone described as a "strong showing" for the leading cryptocurrency.

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However, both stocks and digital assets could face significant pressure if the U.S. economy enters a recession, with Bloomberg Economics projecting a potential 30% drawdown in U.S. equities under such a scenario.

McGlone compared today’s crypto markets to historical financial bubbles, such as the 1929 Wall Street crash, Japan’s 1989 economic collapse, and the 2000 dot-com bust. He believes that cryptocurrencies may be susceptible to similar large-scale downturns due to speculative behavior, extreme volatility, and an oversupply of tokens.

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McGlone also noted 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.

McGlone 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.

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