Mike McGlone, senior macro strategist at Bloomberg, says Bitcoin outperforming gold could be indicative of a new super cycle for BTC.
McGlone tells his Twitter followers that one of the key advantages of Bitcoin over gold is its low and increasing adoption rate and dwindling supply.
“Looking for a super cycle? Bitcoin Outperforms #Commodities With Declining Risk – #Bitcoin beating #gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the #crypto “
The strategist also predicts that Bitcoin may be in a transition period between being a risky asset and being a more defensive investment against economic instability and banking crises. He compares BTC to the KBW banking index, which tracks leading US publicly traded banks and savings companies, and points to a huge strength difference in favor of Bitcoin.
“Relative strength vs most assets may portend #Bitcoin’s inflection toward global digital collateral and potential to trade more like #gold, US Treasury #bonds. Central banks still tightening despite plunging #commodities and a #BankingCrisis adds to severe economic-reset risks.”
McGlone said earlier this week that he doubts the global economy will experience periods of intense dollar liquidity that it has experienced in the past, which could force investors to take a sharper stance towards Bitcoin, gold and bonds.