Bloomberg Analyst: “Bitcoin Could Outperform Gold”

The well-known commodities analyst at Bloomberg, Mike McGlone, has made another prediction about bitcoin (BTC). This time in relation to the king of all commodities; gold. According to McGlone, bitcoin is preparing to eventually compete with the precious metal.

bitcoin vs. gold

McGlone said this on Twitter yesterday. So he is sticking to his positive expectations for the future of bitcoin. Although the price of BTC is more than 70% under water, McGlone is not guided by the number that represents the value of the crypto coin at a given moment.

In fact, he indicates that it is not only possible that bitcoin can compete with gold, but even that bitcoin can beat the precious metal.

“The emerging technology/asset is a top candidate to outperform the metal over the long term, as we see it, and is in too cold a price zone. In a world that is going digital fast, the benchmark crypto (bitcoin) is a top competitor for the old gold.”

The volatility of bitcoin is currently still very high compared to gold. A factor of four greater to be exact. However, McGlone notes that while this is still relatively high volatility, compared to 2018, it has already declined massively. All positive signals that make McGlone believe that BTC has a bright future.

Bitcoin to $100,000

It’s not the first time McGlone has been optimistic about bitcoin. Earlier this year, he said it actually unavoidable is that at some point the BTC price will have touched the magical milestone of $100,000.

However, should bitcoin actually prove capable of competing with gold, or even becoming bigger than gold, a BTC price of $100,000 is just the beginning. Should bitcoin have the same market cap as gold, that translates to a bitcoin price of a whopping $630,000 today. Many a bitcoin investor will hope that McGlone has it right here.