Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has published two tweets dedicated to what is happening to Bitcoin and gold today, claiming that BTC is risking losing its “digital gold” status, as physical gold is on the rise.
In the first tweet, McGlone spoke about Bitcoin ETFs facing massive outflows for several months in a row as institutional investors have been pulling funds out of those ETFs, while the decline that gold has been facing over the past four years has reversed. Bloomberg’s analyst has stated that this “might mark 2024's crypto frenzy as an enduring risk-asset apex.”
The chart he shared shows that Bitcoin was first skyrocketing, fueled by “the biggest money pump in history,” meaning that institutional inflows into ETFs and what is happening now is a “hangover,” and investors are now likely to be favoring gold over Bitcoin, despite BTC recovering after a major fall last week.
While Bitcoin’s rise in gradually fading away at the moment versus gold's rising, Chinese government bonds are going down, according to the chart in the second tweet published by McGlone.
Investors now seem to be opting for the traditional safe haven, which is gold, pulling out of stock indexes and Bitcoin as well.
At press time, the world’s flagship cryptocurrency, Bitcoin, is changing hands at $85,030. Between Friday and Sunday, it staged a roughly 8% price surge, going up from $79,040 to the $85,430 level.
Robert Kiyosaki, known for authoring the “Rich Dad Poor Dad” book, does not share McGlone’s opinion. In a tweet published on Sunday, Kiyosaki stated that all of his three favorite assets are on the rise at the moment — gold and Bitcoin are soaring in price, while the demand for silver is seeing a major boost.
He again stated that the giant market crash he predicted 20 years ago has finally arrived, and “the corrupt and crooked US dollar is being wiped out.” Kiyosaki stated that those who are saving stocks, bonds, ETFs and mutual funds are being wiped out too by central banks.
The only way out of this, he believes, is saving Bitcoin, physical gold and physical silver.
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