Bloomberg Intelligence senior macro strategist Mike McGlone believes that Bitcoin, the world's leading cryptocurrency by market capitalization, has become the top macroeconomic indicator.
During a recent appearance on Palisades Gold Radio, a popular investing podcast, McGlone highlighted the strong correlation between Bitcoin and risk assets, particularly the stock market.
According to the analyst, Bitcoin's correlation to the S&P 500 has reached the highest level ever on a 100-day basis.
McGlone also noted the close relationship between gold and Bitcoin, emphasizing that discussing gold without considering Bitcoin in the same space is no longer relevant.
Due to Bitcoin's role in demonetizing gold, McGlone believes that it would be "irresponsible" for any portfolio to not have exposure to the leading cryptocurrency.
However, the analyst pointed out that if Bitcoin fails to gain a strong foothold above the $100,000 level and experiences a correction, it could lead to some Bitcoin ETF buyers shifting back to gold.
According to McGlone, the excessive flows into Bitcoin ETFs are an indication of "overenthusiasm," and if the cryptocurrency fails to deliver, it could trigger a response.
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