*Bloomberg: Gold will overtake Bitcoin in 2024!*
Because the rivalry between Bitcoin (BTC) and gold is eternal. Mike McGlone, chief strategist at Bloomberg Intelligence, hinted. To what the trend between both assets might look like in 2024.
Bitcoin (BTC) vs. Gold in 2024 While Bitcoin's growth potential is high next year. The Bloomberg strategist does not rule out the possibility of gold making some interesting plays as well.
According to McGlone, if the United States eventually ends up in recession as expected... Gold may have the upper hand over Bitcoin. This is because the price cross of Bitcoin against gold appears to be gaining ground from the stock market rally. This trend is bound to affect Bitcoin. Which the stock market generally views as a high-risk asset.
While Bitcoin (BTC) is usually correlated with some stock market indices. Most of this correlation has been decoupled in the past few months as the emerging asset class has gained impressive price traction. While a recession may put gold in a better position than Bitcoin. McGlone claims that the failure of the S&P 500 to decline when this recession begins may help Bitcoin continue to outperform gold in the medium term.
