Bloomberg Intelligence’s Chief Commodity Strategist Mike McGlone released a statement on X app to explain how the recent tension caused by the expectation of approval of the Bitcoin (BTC) Exchange-Traded Fund (ETF), which emerged in recent days, has negatively affected gold, which investors consider a safe haven.
McGlone clearly stated that assets such as gold and ETFs have experienced a clear decline in recent times. The recent development seemed to be related to the soon-to-be-launched spot BTC ETFs in the United States, and the strategist stated that Bitcoin and cryptocurrencies are growing with the expectation of approval from the Securities and Exchange Commission (SEC) regarding ETFs.
McGlone also made a series of comments explaining why he believes in Bitcoin’s superiority over gold and stated that over a long period of time, Bitcoin will likely “replace gold bullion.” On the other hand, Bloomberg Intelligence continues to maintain its positive views on the rise of gold, even in the face of economic stagnation in the United States.
In addition, McGlone was proven right in some matters, as he correctly pointed out that Bitcoin has recently gained strength against stocks and bonds.
It is worth noting that Bitcoin and gold have often been opposite but closely related assets in the past. The decrease in correlation between BTC and gold may lead to the comparison of Bitcoin as digital gold and spread the belief that it is not as close as believed to becoming a store of value like traditional gold. However, it can still be seen that this has not affected the adoption rate of cryptocurrency in the near future.
Considering the beginning of October, Bitcoin reached new high price levels while gold was trading at its lowest level in the past two months. Gold, which is seen as a safe haven by investors in the midst of a global financial crisis, faced the risk of falling from the critical support level of $1,880 per ounce.
There are also well-known figures who have expectations for the approval of the BTC spot ETF. Experts such as Mike Novogratz, Anthony Scaramucci, and Robert Kiyosaki are increasing their belief in Bitcoin’s potential for a major rise. According to Kiyosaki, it is possible for BTC to reach $135,000 after the approval is granted.