Bitcoin Will Keep Outperforming Most Other Cryptocurrencies, Bloomberg Intelligence Analyst Mike McGlone Predicts

During a recent interview, Mike McGlone, senior commodity strategist for Bloomberg Intelligence, has predicted that Bitcoin will keep outperforming most

Senior commodity strategist for Bloomberg Intelligence, Mike McGlone, recently predicted that Bitcoin will continue to outperform most other cryptocurrencies in an interview.

"The key fact is I think it's going to continue to outperform most other cryptos, particularly the Bloomberg Galaxy Crypto Index," he said.

The Bloomberg Galaxy Crypto Index is up 91.67% year-to-date, having recently hit a new all-time high of 3,771.37. The index, which was launched in May 2018, is designed to track the performance of the largest cryptocurrencies by market capitalization. It includes Bitcoin, Ethereum, Solana, Polkadot, Litecoin, Chainlink and several other major altcoins.

This broad basket of cryptocurrencies has significantly underperformed Bitcoin this year. The leading cryptocurrency by market cap is up 138% on a daily basis, currently trading at $100,787.

When asked if Bitcoin had already reached the top of the currency cycle, the renowned analyst quipped that calling tops is "a good way to lose your hair."

McGlone did not rule out the possibility of the leading cryptocurrency rallying by another 30% or 40%. But in order for it to double next year, U.S. stocks would also need to rally by about 30%, according to McGlone.

"On a 100-day basis, the Bitcoin to S&P 500 multiple is 0.50. It's the highest in this history," he said.

He warned that during large selloffs, crypto tends to go down "a lot more than you think."

McGlone also believes that Bitcoin is in the early stages of becoming a global digital collateral.

At present, Bitcoin is still considered to be one of the riskiest assets, but McGlone predicts that it will eventually begin trading like gold and bonds.