Bloomberg's senior strategist Mike McGlone highlights shifts in the positions of gold and Bitcoin. The research suggests gold may soon surpass 'digital gold' — Bitcoin.
Bitcoin and Gold: Comparing Positions
In a recent Bloomberg Intelligence report, Mike McGlone states that gold may start to gain against Bitcoin, which has reached approximately the $100,000 mark. He emphasizes that gold is already outperforming the stock market and other riskier assets like Bitcoin.
Stock Market Volatility Decrease
McGlone's tweet mentions that the decrease in the VIX index indicates a drop in stock market volatility, which, in his view, might favor gold, affecting its competitiveness compared to riskier assets.
Michael Saylor's Strategy
Despite potential shifts in Bitcoin's positions, Michael Saylor's company MicroStrategy, now rebranded as Strategy, has announced a significant Bitcoin purchase totaling $742 million. The company's strategy focuses on consistent Bitcoin accumulation, evident from regular purchases since August 2020.
Bloomberg's analysis highlights potential shifts in the competitiveness of gold and Bitcoin. However, some companies continue to bet on Bitcoin's rise, showcasing confidence in its long-term potential.
