LATEST: Bitcoin Gaining Ground Over Gold, Could Replace Bullion

In a recent post, Bloomberg Intelligence’s Chief Commodity Strategist, Mike McGlone, highlighted Bitcoin’s growing superiority over gold. McGlone suggested that Bitcoin’s potential to replace gold bullion is increasing, citing the rising expectations for Bitcoin spot ETFs and the decline in holdings of gold-based exchange-traded funds. However, he noted that Bloomberg Intelligence remains bullish on gold, particularly in the event of a U.S. recession. McGlone emphasized that Bitcoin’s recent strength compared to stocks and bonds demonstrates its maturation and diversification as an asset.

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