Commodity strategist reveals what’s really powering the crypto rally

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence , shared some new thoughts on the future of crypto .

Namely, in a July 21 post on X, McGlone stated that Bitcoin ( BTC ) and other cryptocurrencies may be fine, provided the stock market keeps going up.

“Bitcoin, cryptos may be fine, as long as the stock market keeps going up.” – Mike McGlone The strategist’s post was a reply to Scott Melker, the host of The Wolf Of All Streets podcast, whose most recent episode , featuring McGlone as a guest, tackles topics including Bitcoin’s recent bullish trend and stablecoin legalization.

Bitcoin, cryptos may be fine, as long as the stock market keeps going up https://t.co/2eYnlaGJ8D — Mike McGlone (@mikemcglone11) July 21, 2025 Why does the stock market matter for crypto? During the podcast discussion, McGlone expressed clearly the opinion that cryptocurrencies are intrinsically tied to the stock market , stating: “I can’t even have a view on cryptos … anymore without having a view of the stock market first.

It’s got to go up first.” – Mike McGlone Another topic under discussion was the competitive nature of the market and the lack of retail euphoria in Bitcoin, given the difficulty new market entrants face when trying to explore crypto.

Accordingly, McGlone argued that investors ought to approach Bitcoin as more akin to some kind of leverage stock that moves with the stock market, with an important note that past performance should not be taken as an indicator of future gains.

Co-guest James Lavish of Bitcoin Opportunity Fund, however, challenged this view with a remark that Bitcoin has only had a few cycles, which is not enough to make any sort of objective analysis of the correlation between past and future success.

“There will be cycles.

There will be expansions and contractions of liquidity and credit, and I do believe that Bitcoin will follow that.

And why is that? Because it is literally the opposite of fiat, and so if you want to protect your money, you buy gold or Bitcoin.” – James Lavish Lavish further added that institutional demand complicates the picture, especially given Bitcoin’s role in liquidity expansion.

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