Bloomberg senior analyst Mike McGlone announced that the market share on gold has begun to shift to Bitcoin (BTC).
Experienced name Mike McGlone, Wednesday, October 25 a social media day in your post Bitcoin, gold And spot ETF He talked about the process. With McGlone spot Bitcoin exchange-traded fund (ETF) approval approaching, gold It makes room for its digital alternative, Bitcoin. revealed with data.
Gold ETF products and the decline in federal funds rates graphing Mike McGlone, ETF impact investors to Bitcoin magnet like He implied that he suffered. However, Bitcoin US based stocks And to bonds opposite Reminding that it has shown a strong performance recently, the expert said that, unlike the decline in traditional markets, the rise in the cryptocurrency market a positive signal He stated that it could happen.
on the other hand real interest rate risk of decline 2015 gold chart in with the bottom The experienced name, who emphasizes that it is similar to USA to be macroeconomic the environment is increasingly that it might escalate and this situation That you can make Bitcoin shine even more he pointed out.
In light of all these factors, Bitcoin’s lost market share and for the cryptocurrency market, stating that this may expand over time. maturation And diversification predicted:
With the impending Bitcoin ETF, gold is making room for its digital alternative. While there is a decrease in exchange-traded funds linked to gold, Bitcoin is gaining volume with the impact of spot ETFs that will be launched soon. This could be a sign that Bitcoin could replace gold. Our bullish expectations for gold continue, especially in the event of a recession in the US, but Bitcoin’s recent strength against stocks and bonds indicates maturation and diversification.
Bitcoin-gold relationship is reversing
Another recent analyst in the post whereas The relationship between Bitcoin and gold He stated that it was reversed. Analyst, by 2020 Bitcoin vs gold increased resistance While stating that it can create a permanent foundation these days, spot Bitcoin ETF approval He argued that it would contribute to Bitcoin’s progress with solid steps:
Their data shows us that the Bitcoin-gold ratio is on the rise and crypto volatility is on a downward trend against gold. Increased volume in anticipation of the ETF could push Bitcoin’s 260-day volatility upward, similar to that of gold. Spot Bitcoin of ETF Its inevitable approval will add to Bitcoin’s fundamentals as it continues to move towards the mainstream.