As markets edge toward the final stretch of 2025, Bloomberg Intelligence strategist Mike McGlone believes investors are looking at a stark divide between traditional safe havens and digital risk assets.
His message: gold could be gearing up for record highs, while bitcoin faces the prospect of collapse.
Instead of framing Bitcoin as “digital gold,” McGlone warned that the cryptocurrency has increasingly behaved like a high-beta stock. Its movements, he said, now mirror the S&P 500 more closely than ever before, leaving it vulnerable if equities falter.
For bitcoin to remain near current highs, the stock market would need to keep climbing — a scenario he does not expect.
A Bubble’s Breaking Point
According to McGlone, Bitcoin’s surge toward $100,000 was not a sustainable milestone but rather the final stretch of a speculative bubble. In the event of a broader downturn, he believes the cryptocurrency could tumble as low as $10,000, erasing much of the gains made during its rally.
He also pointed to the dilution of Bitcoin’s uniqueness. In 2009, it was the only cryptocurrency.
Now, with more than 21 million different tokens circulating, its role as the singular digital asset has been blurred, further undermining its long-term narrative.
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