Key Takeaways

• Bloomberg Intelligence’s Mike McGlone says a broad crypto index has been roughly flat since 2017 while the Nasdaq-100 has risen.

• McGlone sees Bitcoin futures, US spot Bitcoin ETFs, and a friendlier political climate as major catalysts that may already have played out.

• The verdict depends on the starting date and the assets measured: the broad index’s performance does not describe every Bitcoin investment.

Crypto has delivered spectacular rallies since 2017. But measured against the Nasdaq-100, a broad basket of digital assets has offered a less compelling deal for investors, according to Bloomberg Intelligence strategist Mike McGlone: substantially more volatility without…