Bloomberg Strategist Calls Bitcoin a ‘Stock Puppet’, No Longer an Independent Hedge

Bloomberg Intelligence senior commodity strategist Mike McGlone has reiterated his $10,000 Bitcoin price target, calling the cryptocurrency a “complete stock puppet” and arguing that its performance has undermined its role as an independent hedge.

In an interview published by Wealthion on October 6, McGlone said Bitcoin had “already flunked the main test this year” after falling while the broader U.S. stock market advanced. He said he had maintained his $10,000 target since Bitcoin traded near $109,000.

Bitcoin reached an all-time high of approximately $126,000 in October 2025 before retreating to around $83,000 at the time of the interview. A fall from that level to McGlone’s target would represent a decline of about 88%. McGlone linked his bearish outlook to what he expects will be a deflationary cycle following the recent period of inflation. He also applied the “stock puppet” description to gold, silver and copper.

McGlone Questions Bitcoin’s Independence From Stocks

McGlone’s argument centers on Bitcoin’s performance when U.S. equities have advanced. He said the cryptocurrency had fallen during a period of gains in the stock market, which he cited as evidence for his bearish outlook.

His $10,000 target remains substantially below Bitcoin’s record high and its price at the time of the interview. The forecast reflects his expectation that a change in the broader economic cycle could put further pressure on asset prices. McGlone said he had maintained the target since Bitcoin traded near $109,000, despite its subsequent rise to a record high in October 2025.

VanEck Data Show Bitcoin Trailing the S&P 500

VanEck’s September 2026 NODE monthly commentary reported that Bitcoin had fallen 4.1% year to date through September 30, while the S&P 500 had gained 12.8%.

The figures cover the first nine months of 2026. Bitcoin’s performance over that period contrasted with the gains in U.S. equities cited by McGlone during his Wealthion interview.

Bitcoin’s retreat followed its October 2025 record of approximately $126,000. By the time McGlone spoke to Wealthion, the cryptocurrency was trading around $83,000, leaving it well below its previous high.

BlackRock Research Offers a Different View of Bitcoin

BlackRock’s August 17, 2026, paper, Re-Underwriting Bitcoin: Still a Portfolio Diversifier, examined the cryptocurrency’s potential role in investment portfolios. The asset manager described Bitcoin as having a “dual personality,” with its relationship to equities changing across market conditions.

The paper characterized periods of elevated correlation with stocks as episodic rather than structural. Its historical analysis found that adding a 1% to 2% Bitcoin allocation to a traditional portfolio containing 60% stocks and 40% bonds improved risk-adjusted returns over a 10-year period.

A separate BlackRock analysis calculated Bitcoin’s correlation with the S&P 500 at 0.53, using monthly returns from January 2022 through March 2026. The figure reflects the relationship between the two assets over that period.

McGlone continues to forecast $10,000 for Bitcoin and expects a deflationary cycle to weigh on asset prices. BlackRock’s research, meanwhile, found that a limited Bitcoin allocation improved historical risk-adjusted returns in a diversified portfolio. The two assessments reflect different views of Bitcoin’s behavior across market conditions and its potential role in an investment portfolio.