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Bitcoin’s price has dropped by 8.5% in the last 24 hours, reaching levels around $77,000. This decline has increased anxiety in the market, leading traders to seek safer investments. Bloomberg’s senior commodity strategist Mike McGlone has made headlines with his striking commentary. He points out that while gold is gaining strength, both cryptocurrencies and stocks are overvalued.
Gold Strengthens Against Risky Assets
According to McGlone’s latest assessments, a significant valuation shift may be occurring in the markets. He emphasizes that stocks and cryptocurrencies have been trading at elevated levels far beyond their actual worth. Investors are increasingly turning back to safe havens, notably gold and U.S. Treasury bonds.
$0.00004-Altin.jpg” alt=”” width=”554″ height=”695″ />The graph shared by McGlone illustrates how gold has performed over the long term compared to the S&P 500. He notes that historically, during periods of economic uncertainty, gold prices have surged significantly. Observing the current situation, he suggests that a similar rise may occur again, reinforcing gold’s identity as a “safe haven.”
Factors such as inflation, geopolitical risks, and interest rate policies are driving investors to avoid risks, making gold and bonds attractive investment options once more.
McGlone’s Stark Bitcoin Critique: “It Could Erase a Zero”
McGlone has been quite explicit about Bitcoin. He reiterates his prior warning that “Bitcoin could erase a zero,” suggesting the current market structure resembles the dot-com bubble of 2000. He references how Nasdaq soared to 5,000 before crashing, implying that Bitcoin might face a similar fate.
Recalling that Bitcoin emerged after the 2008 financial crisis, McGlone believes that this cycle may now be concluding. He interprets the recent pullback after Bitcoin tested the $100,000 level as a sign that its peak has been reached. He adds that excessive optimism should be replaced with a cautious stance.
Moreover, McGlone has made clear his investment preferences. He compares Bitcoin advocate Michael Saylor to traditional investor Warren Buffett, stating he identifies more with Buffett. In his view, bonds represent a more rational and stable long-term investment.
