Bloomberg Strategist: Bitcoin Has Become the 'Puppet' of U.S. Stocks Senior Bloomberg Intelligence Commodity Strategist Mike McGlone (@mikemcglone11) said in an October 1 interview with Wealthion that Bitcoin's high correlation with U.S. stocks, combined with its greater volatility, is making it increasingly resemble a 'puppet' of the stock market. He pointed out that Bitcoin has dropped about 4% this year, while the S&P 500 has risen about 3%. Over the past nearly five years, Bitcoin has also consistently underperformed the stock market. McGlone also reiterated his view that Bitcoin could drop to $10,000, stating that he currently sees no reason to abandon this prediction and believes the entire crypto market is still undergoing a 'cleansing' process. Source: Wealthion