Bitcoin Will Impede Gold Growth This Year, Predicts Bloomberg's Leading Analyst
By Tyler S. - Cryptocurrency Investor - 12-03-2021
Mike McGlone is the newest analyst to predict an uncertain outlook for gold while also looking into the potential next big thing for world payments, Bitcoin (BTC). In a strategic perspective comparing gold and Bitcoin buying, Bloomberg's chief commodity analyst said that gold is likely to be "ready for a nap."
McGlone points out that even though the strength of gold could be revived in March, it would certainly enter another round of the "extended rest period." According to him, the barriers that will impede gold development this year will be "good resistance and [the] relatively new-comer Bitcoin."
As recorded by BTC PEERS, gold has been steadily declining since August last year. It fell to $1,686 per ounce at press time. Bitcoin, on the other hand, had a field day. McGlone had tweeted earlier that people were dumping gold, in favour of Bitcoin. As a result, the flagship currency is gradually promoting the narrative of being a potential store of value.
Several financial players have recently introduced and even applied Bitcoin to their balance sheets. Peter Schiff's son brought his crypto trading to a completely new dimension by going all-in for buying Bitcoin, going as far as trading his silver stock to buy Bitcoin in bulk.
With Bitcoin on the rise and gold riding that decline, would it be fair to say that Bitcoin could be the new gold?