比特幣（BTC）超過S＆P 500，但經濟衰退可能會改變動力

彭博情報局的高級商品策略師邁克·麥格隆（Mike McGlone）指出，截至4月23日，比特幣（BTC）在2025年的表現優於標準普爾500指數

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.

彭博分析師邁克·麥格隆（Mike McGlone）指出，截至4月23日，比特幣（BTC）的表現優於標準普爾500指數，這在數字資產的股票市場和相對實力下的下降中取得了成就。

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.

儘管標準普爾500指數下降了近10％，並且仍低於其2023號高點，但比特幣設法恢復了一年的收支平衡水平，麥格隆將其描述為領先的加密貨幣的“強烈表現”。

Crypto Faces Familiar Risks from Historical Market Crashes

加密面對歷史市場崩潰的熟悉風險

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.

但是，如果美國經濟進入經濟衰退，股票和數字資產都可能面臨巨大的壓力，彭博經濟學在這種情況下預計美國股票的潛在虧損30％。

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.

McGlone將當今的加密市場與歷史金融泡沫進行了比較，例如1929年華爾街崩潰，日本1989年的經濟崩潰和2000年的互聯網爆發。他認為，由於推測性行為，極端波動和代幣過度供應，加密貨幣可能容易受到類似大規模下滑的影響。

How to Invest in Bitcoin According to Former Goldman Sachs Executive

如何對比特幣進行投資，根據前高盛主管

Bitcoin vs Gold: The Safe-Haven Showdown

比特幣與黃金：安全的攤牌

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還指出，比特幣和黃金在過去一年中的收益率均高出42％，遠高於標準普爾500指數的10％。他提高了比特幣在未來12個月內勝過黃金的可能性，尤其是如果股票的下降幅度更高，則尤其是股票。

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.

McGlone得出的結論是，比特幣仍然具有針對傳統財務風險的分散對沖，尤其是在經濟不確定性和有關中央銀行獨立的政治辯論的情況下。

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