Mike McGlone, Senior Commodity Strategist from Bloomberg hints that at present many investors are dumping gold for bitcoin.
McGlone believes that gold has its place set in jewelry, but struggles to build itself as an investment class. When it comes to the store of value, bitcoin is slowly pushing aside gold.
The term “ Digital Gold” is actually turning into reality while institutional investors are set for a wider acceptance of the digital currency. So far the battle between Gold and BTC has been in favor of BTC tagging it as “ Safe haven” of investors.
The analyst who predicts $50000 for BTC, now hinting towards the $80000 mark!
“The process of Bitcoin replacing gold in portfolios is accelerating,” wrote Mike McGlone, Bloomberg Intelligence senior commodity strategist.
Digital #Gold Pushing Aside the Old Guard –
Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of #Bitcoin replacing the metal as a store of value in investor portfolios.
Bitcoin has once again surged to $1 trillion and McGlone predicts massive surge for bitcoin. On the other hand Gold held by exchange-traded funds has been declining since last November, according to the report. The six figure mark might be on the cards for bitcoin before 2021 ends according to various analysts and traders.
Back in November 2020 McGlone predicted that bitcoin will hit the $170000 mark in the coming 2 years. His bullish narrative suggests that Bitcoin might just cross Amazon’s market capitalization if it climbs to $80000.
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While market indicators show Bitcoin “pushing aside” gold, if this is to be true it will further change the phenomenon that could fuel the price of Bitcoin.
Kraken CEO Jesse Powell said that BTC could replace all of the world’s currencies and hit a million-dollar price within the next ten years. He hinted towards millennials interested in cryptos rather than gold.
“The younger demographic is certainly taking notice of it and they see it as a better version of gold,” said Powell.