Bitcoin in S&P 500 Terms Shows a Poor Performer Bitcoin divided by 10 first crossed paths with the S&P 500 (SPX) in 2021, and the crypto is roughly the same price as beta now, despite trading about 3x the volatility. High correlation, risk and poor performance are the definition of a dud asset by the rules of risk and portfolio management. I don't think that changes for Bitcoin, as the first-born crypto was considered the fastest horse in the race by some before the launch of US ETFs and President Donald Trump's pivot in the 2024 election. Looking forward, prices are lofty, there's an unchecked supply of cryptos and inflation has become a top issue in elections. Our graphic highlights Bitcoin on the same scale as the SPX, with the crypto's highs and lows marked by the SPX's roughly plus-100% and minus-60% moves from its 200-day moving average. On the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkoh58n3n08y {BI COMD} #Bitcoin #stockmarket @BBGIntelligence(Mike McGlone)