Bitcoin vs. Gold: The New Speculative Circus 🎪💰

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Mike McGlone, the self-proclaimed oracle of commodities at Bloomberg Intelligence, has once again donned his prophet’s hat to declare that Bitcoin has yet to earn its stripes as a true independent asset. According to him, the crypto darling is nothing more than the latest fad, a shiny toy for speculators to chase after.

To truly break free from its speculative chains, Bitcoin must stand tall and proud, remaining above its 2021 high against gold. But can it? Or will it crumble like a house of cards?

The New Big Trade?

At present, Bitcoin is valued at about 35 ounces of gold. Should it dip below this threshold, it could spell disaster-a clear sign of more weakness. But fear not, for there’s always another shiny object on the horizon. U.S. Treasury bonds (T-bonds) might just be the next big thing, especially with Chinese yields flirting with 1.75%. Who knew that the government’s promise to pay back your money could be so exciting?

Remember when McGlone predicted that Bitcoin might plummet to a mere $10,000? Well, here we are, waiting with bated breath to see if his prophecy comes to pass. 📈📉

McGlone Sticks with Gold

When asked about his personal preferences, McGlone confessed that he’s still a fan of the good old yellow metal. “Why settle for digital gold when you can have the real thing?” he quipped, perhaps forgetting that digital gold doesn’t require a safe or insurance.

On August 14, Bitcoin briefly soared to 36.9 ounces of gold, only to retreat like a shy teenager at a dance. Back in mid-April, the Bitcoin-to-gold ratio hit rock bottom at 24.7 ounces, a low point that still haunts the crypto community.

This year, Bitcoin is down 0.41% against gold, a fact that might be causing some sleepless nights for its loyal followers. After all, with a much smaller market cap compared to gold, Bitcoin’s underperformance is a bit of a slap in the face. 🤦‍♂️

Recall when Fidelity’s Jurrien Timmer confidently predicted that Bitcoin would outshine gold in the second half of the year? Well, it seems that digital gold is still playing catch-up, lagging behind its traditional “safe haven” rival. Perhaps it’s time to reevaluate those crystal balls. 🔮

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2025-08-17 13:37