Bloomberg's senior commodity expert Mike McGlone, known for his analysis of Bitcoin and cryptocurrencies, made a new post from his X account.
In this post, McGlone compared Bitcoin and gold and examined how they will perform in 2024.
At this point, explaining his opinion on whether gold can surpass Bitcoin, the largest cryptocurrency by market value, in 2024, the analyst claimed that “gold may gain superiority against Bitcoin in 2024.”
Is Gold Poised to Beat Bitcoin in 2024? Great Reset Leanings – #Gold may have an upper hand in 2024 vs. hyped #Bitcoin on the expected launch of US ETFs. The crypto led most risk assets down in 2022 and up in 2023, which could portend Bitcoin's high market-beta status vs. the… pic.twitter.com/WpUpk2HWK5
— Mike McGlone (@mikemcglone11) January 4, 2024
Pointing out that there is a downward reversal area in risky assets at this point, the analyst said, “This reversal may signal a delayed Bitcoin-gold intersection.” said.
McGlone also stated that gold prices have increased in other currencies other than the dollar, and said that the central banks of most countries accumulate gold.
“A bearish reversal area in risky assets may be signaling a delayed Bitcoin-gold crossover.
The number of Bitcoins equal to one ounce of gold, which was around 21x on January 3, is well below the 37x peak in 2021.
In addition, while the gold price continued to increase at a record level in dollar terms, it also started to rise against other currencies. Because the central banks of most countries accumulate gold.
Despite the anticipated spot Bitcoin ETF launch as gold continues to rise, Bitcoin, at around $42,000 on January 3, continues to trade well below its 2021 high of $68,992.”
Bitcoin/Gold Could Guide Risk Assets in 2024 – The room for downward reversion in risk assets is what a lagging #Bitcoin-to-#gold cross may be sniffing out. At about 21x on Jan. 3, the number of Bitcoins to equal an ounce of gold is well below the 37x peak in 2021, despite the… pic.twitter.com/jyzm1yarGA
— Mike McGlone (@mikemcglone11) January 4, 2024
*This is not investment advice.
