According to Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, the recent trend of gold prices increasing relative to Bitcoin prices is significant and could continue. Bloomberg data shows that as of May 8, 2023, the price of gold was up 10% year on year, while Bitcoin was down almost 20%. McGlone believes that Bitcoin rollover risks lean toward deflation. Bloomberg’s analysis shows a correlation between the S&P 500’s peak and trough, its 100-week moving average, and the Bitcoin/gold ratio. However, opinions on the future of both gold and Bitcoin can vary widely, and there is no way to predict with certainty how the disparity will evolve in the future.
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Gold Prices Rise Relative to Bitcoin as Bitcoin Rollover Risks Lean Toward Deflation, Says Bloomberg Intelligence Strategist
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