Bitcoin Breaks 10x vs. SPX, and May Be Heading to 5x The roughly 10 Bitcoins needed to equal the S&P 500 (SPX) since 2021 may be cut in half. My graphic shows the Bitcoin/SPX ratio breaching this key pivot at the end of May. The ratio first reached 10 on the back of the biggest money pump in history. Since Bitcoin's surge following President Donald Trump's reelection, Bloomberg Economics' crypto-specific model has consistently indicated greater downside risk for the ratio. The model shows Bitcoin/SPX fair value below 5, vs. 8.4 on June 5. I see little reason to dispute the model. The launch of US ETFs, following one of the best backtests in history and Trump's election, may have marked an enduring Bitcoin peak. Crypto's unlimited supply and lack of earnings might be no match for corporate profits and a record-setting stock market. Bitcoin could lead beta lower. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tg3nt9kip3ls {BI COMD} #Bitcoin #stockmarket @Bloomberg(Mike McGlone)