Bitcoin

With the ongoing economic uncertainty, <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> are searching for products that can potentially provide protection. In this regard, <a href="https://finbold.com/guide/buy-gold-with-paypal/" rel="noopener noreferrer nofollow">gold</a> and Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) are among the assets considered viable options to provide the needed safety.In this line, senior <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodity</a> strategist at Bloomberg Mike McGlone has suggested that gold is likely to showcase its dominance and continue to outperform Bitcoin in the coming months at a time the precious metal seeks to attain new highs, he <a href="https://www.youtube.com/watch?v&#61;UivC1typscU&amp;ab_channel&#61;RedCloudTV" rel="noopener noreferrer nofollow">said</a> in an interview with Red Cloud TV on May 12.According to McGlone, the possible outperformance is highlighted by factors like the Bitcoin-to-gold ratio. He noted that while gold may no longer be seen as a primary investment asset, it still holds value as a risk-off asset as he maintained his <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> stand on Bitcoin.<blockquote>“I’m still bullish on Bitcoin, but I think gold’s going to continue outperforming Bitcoin. Remember, I look at things like the Bitcoin gold ratio; it’s right around 14 per ounce. I look at it in this world of rapidly advancing digitalization technology, you can’t really hold gold as an investment anymore without that digital port in there, maybe a couple of percent. I still think this is a risk-off asset,” he said.</blockquote><h2 id="header-0">Gold’s potential to rally in future</h2>McGlone also expressed uncertainty regarding the potential gold price rally in the future in comparison to Bitcoin. However, it’s worth noting that with the inflationary pressure, both gold and Bitcoin have been touted as possible safe haven assets.Both asset classes have experienced significant growth in recent months, partly attributed to the ongoing <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> crisis.McGlone’s latest sentiment follows his previous analysis that indicated that gold would likely <a href="https://finbold.com/recession-alert-why-gold-could-outshine-bitcoin-in-a-downturn/" rel="noopener noreferrer nofollow">outperform Bitcoin in a recession</a>, especially if it involves a stock market downturn. This is illustrated in a chart displaying the 100-week moving average of both assets.In this line, as Finbold <a href="https://finbold.com/gold-etfs-pump-double-digit-gains-amid-hopes-of-rate-hike-pause/" rel="noopener noreferrer nofollow">reported</a> on May 9, gold-related exchange-traded funds (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETFs</a>) rose by 10% in the past two months, outperforming the benchmark <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock</a> market index SPX’s gains of 3% during that period.As things stand, Bitcoin is trading at $26,810 with daily gains of about 1.5% as the maiden <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> looks to reclaim the $30,000 spot. According to Kitco data, the precious metal is valued at $2,010 per ounce.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Can Bitcoin outshine gold? Here’s what commodity guru says

Table of Contents

Finbold

Outros artigos publicados em 15 de mai. de 2023

Bitcoin and crypto are weathering the storm

OpenAI CEO Secures $100M Funding For Worldcoin Crypto Project

From $22M To $111K: SEC Revises LBRY Fine

Bakkt mass-delists 23 popular tokens, including LINK, AVAX, ATOM, ICP

How to use Arkham Intelligence to Track Crypto Whales

Exploring 40 countries with Bitcoin: The truth about traveling the world using BTC

Join our free newsletter for daily crypto updates!