Bitcoin may continue to decline against gold, according to Bloomberg analysts. McGlone believes that Bitcoin might lose further ground due to inflationary pressures and gold's comparative rise.
McGlone on Inflation's Impact on Bitcoin
Bloomberg's chief commodity strategist Mike McGlone noted that Bitcoin might keep plunging against gold amid rising US inflation. On December 18, Bitcoin hit a new record high of 41 ounces against gold but lost more than 20% in less than two months. The strategist sees room for further 'mean reversion.'
Gold's Position Amid Global Instability
Gold has shown significant growth this year, hitting new record levels amid geopolitical uncertainty. It has approached the $3,000 mark for the first time ever, highlighting investors' increasing interest in safe-haven assets in the current global environment.
Schiff's Doubts on Bitcoin as 'New Gold'
Notable crypto skeptic Peter Schiff emphasized Bitcoin's failure to secure itself against gold. He questions Bitcoin's status as 'new gold,' asking why its significance has diminished over the past four years.
The comparison between Bitcoin and gold remains a pertinent topic amid current economic and political events. While gold shows steady growth, Bitcoin faces new challenges related to inflation and its perception as a safe asset.
