Bitcoin Lags Nasdaq Performance Since 2017 Despite Higher Volatility

Mike McGlone, a prominent analyst, has highlighted a key performance gap between Bitcoin and the Nasdaq. Despite Bitcoin's much higher volatility, roughly three times that of the Nasdaq, it has not outperformed the index since 2017. McGlone pointed out that Bitcoin's value relative to the Nasdaq remains at the same level as it was during its first touch in 2017 and its peak in 2021. “Bitcoin versus the Nasdaq. It’s the same level as first touch in 2017. It’s the same level as the 2021,” he said. “Now that’s just a fact.”

McGlone noted that many prominent money managers he has encountered at events in Miami prefer the Nasdaq for better risk-adjusted returns. They view Bitcoin as a speculative asset with an unlimited supply, making it a less attractive investment compared to the Nasdaq. He described smart-money investors in Bitcoin as “poorly invested” due to its weak relative performance.

In contrast, McGlone discussed precious metals, which have limited supply, but he also criticized platinum as a poor investment. Platinum peaked near $2,200 an ounce in 2008 and now trades around $1,700, reflecting its lackluster performance.