Eclipse

Gold

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/gold-may-eclipse-bitcoin-in-2024-says-bloomberg-analyst/" data-wpel-link="internal">Gold May Eclipse Bitcoin in 2024, Says Bloomberg Analyst</a><br></p>
<p style="text-align: justify"><strong>Bloomberg</strong> Intelligence Senior Commodity Strategist Mike McGlone recently offered an intriguing perspective on the ongoing debate between <a href="https://en.coin-turk.com/grayscales-gbtc-surges-220-outperforming-top-sp-500-stock-amid-etf-speculation/" data-wpel-link="internal">Bitcoin</a> and Gold, suggesting that gold could overshadow Bitcoin in 2024. He highlighted the uncertainties surrounding the potential launch of Bitcoin ETFs that could change the rules of the game.</p> 
<h2 style="text-align: justify" id="bitcoin-vs-gold-comparison">Bitcoin vs. Gold Comparison</h2> 
<p style="text-align: justify">Mike McGlone’s comments draw attention to the potential dynamics between Gold and Bitcoin in the coming year, especially in the context of the anticipated launch of the Bitcoin Exchange Traded (ETF) spot. According to McGlone, the crypto market led by Bitcoin influenced the performance of various risky assets in 2022 but showed recovery in 2023. This raises the question of whether Bitcoin’s high market beta status will lead to a reversal in market behavior.</p> 
<p style="text-align: justify">Market beta particularly measures a token’s sensitivity to overall market movements. In the case of Bitcoin, its performance is often closely linked to broader market trends, making it sensitive to fluctuations in risk sensitivity. McGlone suggests that the potential reversal of very low exchange volatility could be directed by analyzing the Bitcoin/gold cross, which shows the comparative behavior of the two tokens during different market conditions.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-298208" src="https://coin-turk.com/wp-content/uploads/2024/01/btc-1.jpg" alt="" width="1338" height="597"></p> 
<h2 id="expert-s-btc-price-prediction">Expert’s BTC Price Prediction</h2> 
<p style="text-align: justify">Traditionally, gold is seen as a safe haven, a hedge against economic crises, and a store of value. The metal has weathered many <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> storms and emerged as a symbol of stability. In 2023, the price of gold impressively rose to $2,100 per ounce, reinforcing its status as a reliable investment during recession fears. Gold’s historical resilience during economic turmoil makes it a preferred asset for risk-averse investors.</p> 
<p style="text-align: justify">On the other hand, Bitcoin has made a splash in the crypto market as the digital gold, especially in the face of a potential Bitcoin ETF approval. Its decentralized structure and limited supply have attracted investors seeking an alternative store of value. However, Bitcoin’s journey has been marked by extreme fluctuations, often exceeding those of traditional assets. Despite McGlone’s stance, leading figures like Blockstream CEO Adam Back envision a future where digital gold represented by Bitcoin could surpass the value of physical gold. Back predicts that a price of approximately $700,000 for Bitcoin could trigger this transition.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/gold-may-eclipse-bitcoin-in-2024-says-bloomberg-analyst/" data-wpel-link="internal">Gold May Eclipse Bitcoin in 2024, Says Bloomberg Analyst</a></h5>

Gold May Eclipse Bitcoin in 2024, Says Bloomberg Analyst

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