The cryptocurrency sector is still reeling from the massive sell-off started by the crash of crypto trading platform FTX, and the price of its largest asset by market capitalization – Bitcoin (BTC) continues to consolidate.
That said, commodity strategist at Bloomberg Intelligence Mike McGlone has kept his optimistic outlook on Bitcoin and the industry as a whole, suggesting that Bitcoin could outperform gold in the future as its top competitor, as he explained on December 7.
Specifically, McGlone said that:
“The nascent technology/asset is a top contender to outperform the metal in the long term, as we see it, and is backing up into a too-cold price zone.”
He also posted a chart demonstrating “the Bitcoin-to-gold ratio at about the 10x level, which was first reached in 2017,” adding that “in a world rapidly going digital, the benchmark crypto is a top competitor to old-guard gold.”
Bitcoin versus gold. Source: Mike McGlone/Bloomberg Intelligence
Volatility is high yet de
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