Bitcoin Will Massively Outperform Gold, Bloomberg Analyst Says

There are more optimistic Bitcoin predictions popping up these days, as you will see below. Check out the latest report about the price of Bitcoin here.

Bitcoin (BTC) is likely ready to outshine gold, according to Bloomberg’s lead commodity strategist Mike McGlone.

The popular analyst says that BTC is currently four times more volatile than gold, which is minuscule compared to where it was in 2018.

According to McGlone, Bitcoin is a “top contender” to gold and more than that, he believes that it could be transitioning to a higher-beta version of it and bonds.

“What Stops Bitcoin From Rising vs. Gold? The world’s most fluid 24/7 trading vehicle, Bitcoin, has gained status in 2022 as a leading indicator and declined in a risk-off environment, but the crypto may be transitioning toward a high-beta version of gold and US Treasury.”

The strategist also compares BTC to Tesla stock, as the two assets often get grouped together by analysts as similar plays on innovative technology.

According to McGlone, Bitcoin’s price relative to TSLA may be in the process of forming a bottom. Here’s what he said:

“Bitcoin May Be Bottoming vs. Tesla – At about 93x Tesla’s price at the start of December, Bitcoin may be bottoming vs. the automaker. The graphic shows a potential low in the crypto-to-automaker ratio around the 2020 trough and a notable connection: risk measures about the same.”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $17,161.

El Salvador as a nation became a sort of Bitcoin “maximalist” through its President a while ago. You probably remember that not too long ago, it’s been revealed that the nation is doubling down on its bet on cryptos even in the midst of a bear market.

The first country to declare Bitcoin as legal tender is now working on a Digital Asset Issuance Law. It’s important to note the fact that this would facilitate operations with any crypto asset.

According to a document available on the official website of the National Assembly of El Salvador, the law would regulate the transfer operations of any digital asset. It’s also important to note the fact that this is seeking to “promote the efficient development of the digital asset market and protect the interests of acquirers.”