比特币（BTC）超过S＆P 500，但经济衰退可能会改变动力

彭博情报局的高级商品策略师迈克·麦格隆（Mike McGlone）指出，截至4月23日，比特币（BTC）在2025年的表现优于标准普尔500指数

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.

彭博分析师迈克·麦格隆（Mike McGlone）指出，截至4月23日，比特币（BTC）的表现优于标准普尔500指数，这在数字资产的股票市场和相对实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.

尽管标准普尔500指数下降了近10％，并且仍低于其2023号高点，但比特币设法恢复了一年的收支平衡水平，麦格隆将其描述为领先的加密货币的“强烈表现”。

Crypto Faces Familiar Risks from Historical Market Crashes

加密面对历史市场崩溃的熟悉风险

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，如果美国经济进入经济衰退，股票和数字资产都可能面临巨大的压力，彭博经济学在这种情况下预计美国股票的潜在亏损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将当今的加密市场与历史金融泡沫进行了比较，例如1929年华尔街崩溃，日本1989年的经济崩溃和2000年的互联网爆发。他认为，由于推测性行为，极端波动和代币过度供应，加密货币可能容易受到类似大规模下滑的影响。

How to Invest in Bitcoin According to Former Goldman Sachs Executive

如何对比特币进行投资，根据前高盛主管

Bitcoin vs Gold: The Safe-Haven Showdown

比特币与黄金：安全的摊牌

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还指出，比特币和黄金在过去一年中的收益率均高出42％，远高于标准普尔500指数的10％。他提高了比特币在未来12个月内胜过黄金的可能性，尤其是如果股票的下降幅度更高，则尤其是股票。

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得出的结论是，比特币仍然具有针对传统财务风险的分散对冲，尤其是在经济不确定性和有关中央银行独立的政治辩论的情况下。

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