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Gold’s Edge Over Bitcoin Gaining Strength: Bloomberg’s Mike McGlone

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According to Mike McGlone, there has been a recent trend where the price of gold has been rising in comparison to the price of Bitcoin.

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According to Mike McGlone, who is a Senior Commodity Strategist at Bloomberg Intelligence, the recent trend of gold’s price increasing compared to Bitcoin is noteworthy and might continue in the future. He mentioned that the risks associated with Bitcoin shifting to other assets indicate a possibility of deflation.

Based on Bloomberg data, the price of gold has increased by approximately 10% compared to the previous year as of May 8, 2023, making it one of the best-performing major assets. On the other hand, Bitcoin’s price has decreased by almost 20% during the same period, while the S&P 500 has remained relatively stable. This further emphasizes the ongoing trend of gold prices rising in relation to Bitcoin prices.

Bloomberg’s analysis suggests a connection between the S&P 500’s highest and lowest points, its 100-week moving average, and the Bitcoin/gold ratio. When the S&P 500 has traded above its 100-week moving average, the Bitcoin/gold ratio has typically been higher, indicating that Bitcoin has performed better than gold.

On the other hand, when the S&P 500 has been trading below its 100-week moving average, the Bitcoin/gold ratio has generally been lower. This suggests that during such times, gold has performed better compared to Bitcoin.

It’s important to keep in mind that opinions about the future of both gold and Bitcoin can differ greatly, and it’s impossible to accurately predict how the disparity between them will unfold. For example, in the past, Mike McGlone referred to Bitcoin as the most significant asset globally, based on its performance at that time.

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Factors Behind Gold & Bitcoin Disparity:

There are several possible reasons for the difference between Gold and Bitcoin, such as investor sentiment, regulations, price fluctuations, environmental considerations, and more.

Bitcoin faces scrutiny from regulators, which can lead to uncertainty and cautiousness among investors. For instance, the recent bank failures like Signature and Silicon Valley have triggered concerns and hesitancy among investors.

In comparison, gold is a long-standing asset that doesn’t face the same level of regulatory scrutiny as Bitcoin. Additionally, concerns have been raised about the environmental effects of Bitcoin mining, causing some investors to question its long-term sustainability as a store of value

Author

  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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