Mike McGlone, commodity strategist at Bloomberg. Bitcoin He shared a tweet about the move towards the $70,000 level and how gold prices might be affected in this process. McGlone highlighted two main reasons for BTC to rise to the $70,000 level and gold prices to fall.
How Gold’s Fare Might Be As Bitcoin Heads Toward $70,000
Citing the recent increase in Bitcoin price, Bloomberg analyst stated that BTC is probably targeting $70,000 brought. He also noted that gold is considered a rival to Bitcoin in the world of physical assets and is particularly seen as a safe-haven asset. However, he noted that current inflows into spot Bitcoin ETFs could leave gold on the backburner.
what of #gold with #Bitcoin Nearing $70,000? Crypto Money Pull – The juxtaposition of #China rapidly accumulating gold and record inflows into US Bitcoin #ETFs may leave the metal looking naked in portfolios if not paired with some of the crypto. Gold ETF outflows and declining… pic.twitter.com/Hk0pt6XeYO
— Mike McGlone (@mikemcglone11) March 1, 2024
NEWS CONTINUES BELOW
McGlone emphasized that despite China’s rapid acquisition of gold, there is a huge wave of interest in BTC-backed exchange-traded funds. This wave of interest follows the emergence of BTC-backed funds approved by the Securities and Exchange Commission over the past decade. McGlone stated that many investors are leaving gold ETFs and turning to Bitcoin funds. He also stated that interest in gold futures has decreased.
Pro-Bitcoin Michael Saylor Rejects Gold
Bitcoin advocate and MicroStrategy CEO Michael Saylor shared a tweet showing that the flagship cryptocurrency rose 333% after the business intelligence giant began accumulating BTC regularly since August 2020, and this was before the current rally. Earlier this week, MicroStrategy made another large purchase of Bitcoin, purchasing nearly 3,000 BTC at a cost of $155 million. On the subject of gold, Saylor tweeted that gold has lost 1% in value in the last three and a half years. As of February 29, gold traded at $2,048 per ounce.
Earlier this week, Michael Saylor addressed the global BTC community, saying: cryptocurrency He asked them not to sell their Bitcoin as its unit rose above $61,000 and then moved towards the $64,000 level. Currently, Bitcoin is trading at $62,424 at the time of writing. Since the time until the fourth Bitcoin halving event is less than two months away, many experts in the cryptocurrency space have bullish predictions. These include those who expect BTC to reach $100,000 before the halving, including Blockstream founder Adam Back.
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