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Bloomberg Intelligence’s senior macro strategist Mike McGlone warns that gold’s robust performance may signal trouble for Bitcoin (BTC) 
$105,812 and other risk assets. This analysis suggests that investors are increasingly directing their wealth towards gold, a favored safe-haven asset, due to growing concerns about deteriorating macroeconomic conditions.
Gold’s Performance
McGlone highlights that gold has been outperforming expectations in the markets. This trend indicates a shift among investors who are seeking stability and security in the face of uncertain economic forecasts, particularly with the prevailing volatility stemming from the Trump administration.
“The issues with Bitcoin and other risk assets may not bode well compared to gold. I believe the overheating of the metal should tell us something, especially given the speculative risks digital assets face.”
According to McGlone, whether Bitcoin can maintain its value above $100,000 will be crucial in determining its upward trajectory.
“Bitcoin needs to stay above $100,000. Otherwise, both Gold and Bitcoin might again face resistance levels due to similar rising trends from their 2022 lows. The relationship between crypto and this $100,000 threshold could signal something larger for the crypto market if Bitcoin retreats.”
Market Valuations
McGlone asserts that the ratio of the U.S. stock market’s value to its GDP, and Bitcoin’s value to U.S. GDP, are significantly higher compared to early 2017 when Trump took office. This trend suggests that market peaks could be approaching.
In early 2017, the U.S. stock market’s value to GDP ratio was about 1.2x, while Bitcoin was valued at $1,000. By 2025, the stock market is projected to reach approximately 2.2x GDP, with Bitcoin potentially climbing to $100,000—a 100-fold increase.
However, on-chain indicators like MVRV-Z do not align with this sentiment regarding peak identification. Ultimately, gold’s strong market performance may serve as a warning signal for Bitcoin and other risk assets, prompting careful monitoring by investors.
