Mike McGlone Says Bitcoin is in a Better Position than Gold
This week, the price of gold reached record highs, with a troy ounce trading at $2,135 on December 4. This increase was driven by the market’s anticipation of the Federal Reserve lowering the discount rate, causing capital to flow into gold.
While the dollar faced a decrease in funds, stock markets, precious metals, and cryptocurrencies all saw a rise. Despite a 5% decrease in gold’s price today, it is still trading above $2,000 per troy ounce. Bloomberg strategist
Mike McGlone noted that Bitcoin is still performing well, currently trading just under $42,000. Its value has increased by 152% in the past 11 months.
McGlone believes that Bitcoin will continue to be a volatile asset in the short term, but is currently more profitable than gold.
In order for Bitcoin to attract long-term investors, it needs to establish itself as a safe and stable investment option. Its limited supply adds to its strength as an asset.
