Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has taken to the Twitter/X social media network to share his thoughts on the performance of gold and Bitcoin versus each other and the S&P 500 Index this year, as well as to voice their prospects.
Gold may surpass Bitcoin this year, McGlone assumes
McGlone tweeted that in the first quarter this year, major stock index S&P 500, as well as gold and digital gold Bitcoin, have demonstrated record highs. Gold has reached a high of $2,171. As for Bitcoin, the world’s leading cryptocurrency soared to a new historic peak of $69,200 and has rebounded to $67,750 by now.
In the volatility-adjusted race, McGlone says, the top 2024 macroeconomic risk, gold, may win “the performance medal.” Besides, the expert tweeted that thanks to the current drawn down of Bitcoin and gold, altcoins may gain momentum on the market.
What If Gold Beats Bitcoin in 2024? Hope vs. Recession Risks – Record 1Q highs in the S&P 500, #gold and #Bitcoin show a tight volatility-adjusted race and a top 2024 macroeconomic risk is the metal taking the performance medal. Some normal reversion in beta could be a key test.… pic.twitter.com/nQAZqxF16T
— Mike McGlone (@mikemcglone11) March 8, 2024
Curiously, however, a week ago, McGlone tweeted that should Bitcoin continue rising and reach $70,000, it may “leave the metal looking naked in portfolios.” Despite China now rapidly accumulating gold now, investors are withdrawing funds from gold-based exchange-traded funds to move them into spot Bitcoin ETFs. The latter have been trading since Jan. 11, when they were approved after almost a decade of debates with the Securities and Exchange Commission.
Bitcoin to $300,000 in 2024: Robert Kiyosaki
Earlier this week, prominent entrepreneur in the sphere of finance management education Robert Kiyosaki and the author of the classic book “Rich Dad Poor Dad” tweeted a stunning prediction, as he expects Bitcoin to skyrocket to the $300,000 price mark later this year.
After Bitcoin hit a new historic peak, Kiyosaki tweeted that BTC was “on fire” and shared his expectations of it reaching $300,000 as the “next stop” in 2024. Earlier, he tweeted about the approaching halvening as a key event, which is likely to propel the Bitcoin price up significantly.
The halving event is expected in late April (with 41 days left to go, according to the CoinMarketCap meter) and it will reduce the rewards obtained by miners per each new block by half – from the current 6.25 BTC to 3.125 BTC. Therefore, the overall daily amount of minted Bitcoin will drop from 900 to 450 BTC after the halving.
