Michael McGlone points out the decline in gold ETF holdings. Then he calls Bitcoin an alternative to gold. But will Bitcoin replace gold bars? In this Pooyan Music post, you will read a comparison of Bitcoin and gold bullion.
Gold is losing ground to its digital alternative, says Bloomberg’s chief analyst. He explains his reasons as follows.
In a recent tweet on x, Bloomberg Chief Commodity Strategist Mike McGlone shared his perspective on why Bitcoin’s lead over gold continues to grow and that Bitcoin may eventually “replace bullion.” Is.
Bloomberg’s chief commodity strategist wrote in a detailed post that Bitcoin is beating gold. Because the expectations for bitcoin ETFs have increased. While holdings in gold-based exchange-traded funds are declining sharply.
McGlone suggested that all of this could be a sign of the gradual replacement of gold by Bitcoin.
However, McGlone said this time that Bloomberg Intelligence’s bias on gold remains bullish, particularly on the US recession. But, he continues, “Bitcoin’s recent divergence strength against stocks and bonds shows the maturity and diversification of this asset.”
The Bitcoin network continues as new owners emerge. All eyes are on the SEC, waiting to see if the Bitcoin ETF will finally be approved. Various pundits and prominent fund managers, such as Mike Novogratz and Anthony Scaramucci, have consistently said that they expect the US securities regulator to not only approve a Bitcoin ETF, but to do so this year. There are only two months left until the start of 2024.
Over the weekend, Anthony Scaramucci stated that he expects the world’s flagship digital currency, Bitcoin, to reach $150,000 to $250,000 per unit in the next bullish cycle. By the end of this decade, the founder of SkyBridge Capital believes that Bitcoin could reach $750,000.
A day before Scaramucci’s tweet, popular financial guru Robert Kiyosaki posted an X. In the post, he stated that Bitcoin’s next stop would be $135,000. The author of the financial literacy classic Rich Dad Poor Dad, who also values gold and silver as safe-haven assets, wrote that he expects gold to soon surpass $2,100 and then reach $3,700. As for silver, Ostad predicts it will rise to $68 an ounce from the current level of $23 an ounce – a three-fold increase.
Meanwhile, gold investor Peter Schiff continues to criticize Bitcoin. But he ignores the fact that even former SEC Chairman Josh Clayton has stated that a green light for a bitcoin spot ETF is inevitable.