Bitcoin’s Price Battle with Gold: Can Crypto Stand Alone?

Mike McGlone, chief commodity strategist at Bloomberg Intelligence, believes Bitcoin needs to prove its independence from speculation and demonstrate consistent price strength against gold. 2021 saw a significant surge in both Bitcoin and gold prices, with gold hitting all-time highs. 35 ounces of gold are equivalent to Bitcoin’s current market value – if Bitcoin falls below this level, it could signal weakness. McGlone suggests that U.S. Treasury bonds (T-bonds) might become the next big trade opportunity, citing China’s low bond yields at 1.75% as an attractive prospect.