Here’s Why This Analyst Says Bitcoin Set To Vastly Outperform Gold
By Benzinga
Bloomberg's lead commodity strategist Mike McGlone recently said that Bitcoin (CRYPTO: BTC) will outshine the most famous precious metal.
According to McGlone, Bitcoin is four times more volatile than gold and could be transitioning to a higher-beta version of the yellow metal and U.S. Treasury bonds.
What Stops Bitcoin From Rising vs. Gold? The world's most fluid 24/7 trading vehicle, #Bitcoin, has gained status in 2022 as a leading indicator and declined in a risk-off environment, but the crypto may be transitioning toward a high-beta version of #gold and US Treasury #bonds pic.twitter.com/glmEdBtRcs
— Mike McGlone (@mikemcglone11) December 7, 2022
McGlone compared Bitcoin with Tesla stock and said Bitcoin's price relative to TSLA might be in the process of forming a bottom.
Bitcoin May Be Bottoming vs. Tesla – At about 93x #Tesla's price at the start of December, #Bitcoin may be bottoming vs. the automaker. The graphic shows a potential low in the crypto-to-automaker ratio around the 2020 trough and a notable connection: risk measures about the same pic.twitter.com/xCKXkhFC6l
— Mike McGlone (@mikemcglone11) December 8, 2022
He said that gold will play a pivotal role if the U.S. enters a recession in 2023.
$2,000 Gold May Be Too Low vs. Typical Recession –
If Bloomberg Economics is right and the US enters a #recession in 2023, #gold may be a top performer. The period of global economic malaise looks to us like it will be severe and enduring. pic.twitter.com/VXAb9aZQ42— Mike McGlone (@mikemcglone11) December 9, 2022
Mild or Deep Recession, $2,000 Gold Looks Low, $50 Crude High – With a US #recession a near certainty in 2023, the question of its severity may be less significant than an inevitable #Federal Reserve shift toward easing, with implications for #crudeoil, #commodities and #gold pic.twitter.com/oa70ymI75h
— Mike McGlone (@mikemcglone11) December 9, 2022
Last week, McGlone said that the crypto market's value was slashed by $1.3 trillion in 2022, a "roughly equivalent" figure to the combined market cap decrease of Amazon and Google.
Also Read: Can Crypto Appreciate? Exclusive Data Shows Adoption Rates Have Room To Run
