Cryptocurrency (Mar 12, 2021 07:30AM ET)
Bitcoin will hinder gold’s growth this year, Bloomberg’s top analyst says
Mike McGlone is the latest analyst to foresee a gloomy future for gold. In a technical outlook comparing gold and Bitcoin, the chief commodity analyst of Bloomberg stated that gold is likely “ready for a nap.”
McGlone opines that even though gold’s momentum may be rekindled in March, it would likely enter another round of an “extended rest period.” According to him, the obstacles that will hinder gold’s growth this year will be “good resistance and [the] relatively new-comer Bitcoin.”
Technical Outlook: Old-Guard #Gold Appears Ready for Nap Time vs. Young #Bitcoin – A bit too cold in March, gold is more likely to recover, but we see the metal settling into an extended rest period. Upside is limited by good resistance and relative new-comer Bitcoin. pic.twitter.com/pDpYUZz3MU
— Mike McGlone (@mikemcglone11) March 11, 2021
As reported by BTC PEERS, gold has been on a steady decline since August last year. It has dropped to $1,686 per ounce, as of press time.
Bitcoin, on the other hand, is having a field day. McGlone had earlier tweeted that investors were dumping gold in favor of Bitcoin. As a result, the flagship currency is increasingly pushing the narrative of being a possible store of value.
More institutions are adding Bitcoin to their balance sheetsSeveral institutional players have added Bitcoin to their balance sheet. The son of Peter Schiff took his investment to a whole new level by going all-in on Bitcoin, going as far as selling his silver shares to buy more Bitcoin.