Bitcoin is currently seen as “the last big trade” by speculators, according to Mike McGlone of Bloomberg Intelligence. To establish itself as a standalone asset, Bitcoin must maintain its value above its 2021 high against gold.
Bitcoin is valued at approximately 35 ounces of gold.
Falling below this level could indicate further weakness.
U.S. Treasury bonds may become a more attractive investment option.
Bitcoin’s current market dynamics reveal its struggle to outperform gold, with implications for investors. Stay informed with the latest updates!
What is Bitcoin’s Current Position Against Gold?
Bitcoin is currently valued at about 35 ounces of gold. To be considered a viable independent asset, it must remain above this level, as stated by Mike McGlone, chief commodity strategist at Bloomberg Intelligence.
How Might U.S. Treasury Bonds Impact Bitcoin?
McGlone suggests that U.S. Treasury bonds could emerge as the next big trade, especially as yields in China approach 1.75%. This shift could make T-bonds a more appealing investment compared to Bitcoin.
‘,
‘
🚀 Advanced Trading Tools Await You!
Maximize your potential. Join now and start trading!
‘,
‘
📈 Professional Trading Platform
Leverage advanced tools and a wide range of coins to boost your investments. Sign up now!
‘
];
var adplace = document.getElementById(“ads-bitget”);
if (adplace) {
var sessperindex = parseInt(sessionStorage.getItem(“adsindexBitget”));
var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBitget.length) : sessperindex;
adplace.innerHTML = adscodesBitget[adsindex];
sessperindex = adsindex === adscodesBitget.length – 1 ? 0 : adsindex + 1;
sessionStorage.setItem(“adsindexBitget”, sessperindex);
}
})();
Mike McGlone argues that Bitcoin has yet to establish itself as an independent asset, relying instead on speculative trading.
If Bitcoin falls below this threshold, it may indicate increased weakness and could lead investors to seek alternatives like U.S. Treasury bonds.
In summary, Bitcoin’s struggle to maintain its value against gold highlights the ongoing debate about its role as a standalone asset. With experts like Mike McGlone advocating for gold, the cryptocurrency must prove its resilience in the market. Investors should stay informed as these dynamics evolve.
Source: https://en.coinotag.com/bitcoins-future-as-an-independent-asset-remains-uncertain-amid-golds-continued-dominance-says-mcglone/