Gold is losing ground to its digital alternative, Bloomberg Intelligence chief expert says, giving his reasons for it
In a recently published X post, chief commodity strategist of Bloomberg Intelligence Mike McGlone has shared his take on why Bitcoin's superiority over gold keeps growing and BTC may eventually "replace bullion."
Bloomberg's chief commodity strategist wrote in his profound X post that Bitcoin is winning ground from gold as expectations for Bitcoin spot ETFs keep building up, while holdings in exchange-traded funds based on gold are heavily shrinking.
All this, McGlone stated, may be a sign that Bitcoin may gradually replace gold bullion.
Still, McGlone said this time that Bloomberg Intelligence's bias remains bullish on gold, especially in the case of the U.S. recession. But, he continues, "Bitcoin's recent divergent strength vs. stocks and bonds exhibits maturation and diversification."
Gold Giving Ground to Digital Alternative as Bitcoin #ETFs Emerge - Declining holdings in exchange-traded funds linked to #gold vs. the rapidly expanding #Bitcoin network and soon-to-be-launched US spot ETFs may signal that the digital asset will replace bullion. Our bias remains… pic.twitter.com/FiRF30w449— Mike McGlone (@mikemcglone11) October 25, 2023
The Bitcoin network keeps expanding as new holders emerge and everybody has their eyes on the SEC, waiting to see whether the Bitcoin spot ETF will finally be approved. Various experts and prominent fund managers, such as Mike Novogratz and Anthony Scaramucci, keep saying that they expect the U.S. security regulator to not only approve the Bitcoin ETF but to do it this year. There are only two months to go before 2024 begins.
Over the weekend, Anthony Scaramucci stated that he expects the world's flagship cryptocurrency, Bitcoin, to soar to $150,000-$250,000 per unit during the next bull cycle. By the end of this decade, the founder of SkyBridge Capital believes Bitcoin will be able to hit as high as $750,000.
A day before that tweet by Scaramucci, popular financial guru Robert Kiyosaki published an X post, stating that the next stop for Bitcoin will be $135,000. The author of the classic book on financial literacy "Rich Dad Poor Dad," who also values gold and silver as save haven assets, wrote that he expects gold to soon surpass $2,100 and then soar to $3,700. As for silver, the guru expects it to grow from the current $23 level per ounce to $68 — basically triple growth.
In the meantime, gold bug Peter Schiff continues to criticize Bitcoin, ignoring the fact that even former SEC chair Josh Clayton has stated that a green light for a Bitcoin spot ETF is inevitable.
About the authorYuri Molchan
Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
Currently Yuri is a news writer at U.Today and can be contacted at [email protected].