Bloomberg Strategist Claims Bitcoin is a Bad Investment: "It's at the Same Level as the 2017 Peak Against the Nasdaq-100"

Mike McGlone, a strategist at Bloomberg Intelligence, criticized Bitcoin's performance in recent years. His argument is that the cryptocurrency is three times more volatile than the Nasdaq-100, yet today it is at the same level as its peak in 2017 against the index.

Although he correctly predicted that Bitcoin would reach $100,000 in a forecast made back in 2020, the analyst is currently missing his new prediction that the cryptocurrency will fall back to $10,000.

His arguments are that the crypto market has many assets and capital is spread among them rather than being concentrated in one.

McGlone Claims So-Called "Smart Money" Isn't That Smart

While the conversation between Scott Melker, Mike McGlone, Michael Howell, and Dave Weisberger lasts an hour, the channel owner highlights a segment of just over a minute where the Bloomberg strategist criticizes Bitcoin's recent performance.

"I like when Dave calls people who invest in Bitcoin 'smart money'. If they are smart, they are poorly invested. They are performing poorly, relatively poorly. Because just look at Bitcoin compared to the Nasdaq. It's at the same level as the first peak in 2017. It's at the same level as 2021. And during that time, it traded with three times more volatility. That's just a fact." Analyzed against the Nasdaq-100 (NDX) index, Bitcoin registers increasingly higher peaks with each bull cycle (2013, 2017, 2021, and 2025). However, McGlone points out that today, nine years later, the cryptocurrency is at the same level as the 2017 peak. Source: TradingView/Reproduction.

As other analysts believe that Bitcoin could reach a range of $500,000 in the next bull cycle, it is possible that the cryptocurrency will make a new peak, not only against the dollar but also against the Nasdaq-100 in the future.

Continuing his remarks, the Bloomberg strategist again criticizes the abundance of cryptocurrencies in the market to justify his pessimism regarding Bitcoin.

This time, he refers to the crypto market as "a flock of pigeons" to describe the high number of projects and, by comparison, calls precious metals a "flock of doves," noting that in this case, there are only four assets.

"There are only four: gold, silver, platinum, and palladium, and they have reached two highs. So I'm glad you mentioned platinum, Dave. The peak of platinum was in 2008, basically $2,200 per ounce. And now we are at $1,700 per ounce. That's a horrible investment. And I was part of that for a long time. It turns out some of us were lucky to sell in the first quarter things we had held for decades." Mike calls $BTC a poor investment, saying it hasn't beaten the Nasdaq since 2017 despite 3x the volatility

"I do enjoy when Dave calls smart money people invest in Bitcoin. If they're smart, they're poorly invested. They're making poor performance, poor relative performance."... https://t.co/gR0d8kIdDZ pic.twitter.com/yrJG7RALFG --- The Wolf Of All Streets (@scottmelker) October 5, 2026

In the comments of the above tweet, a follower remarks that the analyst is basically promoting Bitcoin as his arguments are weak. Other investors have also complained about McGlone's constant pessimism.

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