Mike McGlone, senior commodities strategist at Bloomberg Intelligence, took to the social network Twitter/X to share his thoughts on how gold and Bitcoin have fared against each other and the S&P 500 index this year, as well as to express his outlook.
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, took to the social network Twitter/X to share his thoughts on how gold and Bitcoin have fared against each other and the S&P 500 index this year, as well as to express his outlook.
Gold May Outperform Bitcoin This Year, McGlone Assumes
McGlone tweeted that in the first quarter of this year, the main stock index S&P 500, as well as gold and digital gold Bitcoin, have reached record highs. Gold has reached a high of $2,171. As for Bitcoin, the world’s leading cryptocurrency soared to a new all-time high of $69,200 and has now recovered to $67,750.
In the volatility-adjusted race, McGlone says, the top macroeconomic risk for 2024, gold, may win “the performance medal.” Furthermore, the expert tweeted that thanks to the current decline in Bitcoin and gold, altcoins may gain momentum in the market.
Interestingly, however, a week ago, McGlone tweeted that if Bitcoin continues to rise and hits $70,000, it could “leave bare metal in wallets.” Even though China is now rapidly accumulating gold, investors are withdrawing funds from gold-based exchange-traded funds and moving them into spot Bitcoin ETFs. The latter have been on the market since January 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, leading financial management education entrepreneur Robert Kiyosaki and author of the classic book “Rich Dad Poor Dad” tweeted a surprising prediction as he expects Bitcoin to skyrocket to the Priced at $300,000 later this year.
After Bitcoin hit a new all-time high, Kiyosaki tweeted that BTC was “on fire” and shared his expectations for it to hit $300,000 as the “next stop” in 2024. Previously, he tweeted about the upcoming halving as an event key, which is likely to significantly boost the price of Bitcoin.
The halving event is expected at the end of April (41 days away, according to the CoinMarketCap meter) and will halve the rewards miners earn for each new block, from the current 6.25 BTC to 3.125 BTC. Therefore, the total daily amount of Bitcoin minted will drop from 900 to 450 BTC after the halving.
