Mike McGlone said Bitcoin has failed to outperform the Nasdaq since 2017 despite roughly three times the volatility. “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 said prominent money managers he has heard at events in Miami see better risk-adjusted returns in the Nasdaq and avoid Bitcoin as a speculative asset in a category with unlimited supply. He called smart-money investors in Bitcoin “poorly invested,” citing weak relative performance. He contrasted Bitcoin with precious metals, which have limited supply, but called platinum a poor investment too. It peaked near $2,200 an ounce in 2008 and trades around $1,700.
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