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U.Today - Mike McGlone, Bloomberg’s senior commodity strategist, has taken to his social media account to share part of the recent Bloomberg Intelligence report regarding the current market stance of Bitcoin and gold.
He believes that gold may begin to gain against the digital gold – Bitcoin – soon, stating that BTC may have peaked at the $100,000 price level.
Bitcoin may be losing momentum to gold
McGlone’s tweet mentions that VIX (the Chicago Board Options Exchange Volatility Index) is going down at the moment, which indicates that stock market volatility is fallinf. Therefore, gold is starting to gain momentum and outperform “the AI-driven S&P 500 on a one- two- and three-year basis.”Gold is currently outperforming not only the stock market but riskier assets as well, including Bitcoin, McGlone says to the finance market community. He also raises the question of whether Bitcoin has peaked at approximately the $100,000 level or if BTC is just undergoing a brief correction to gain momentum for a further price increase.
McGlone tweeted: “Lower stock market volatility might favor gold over riskier assets like Bitcoin.”
Saylor’s Strategy makes gargantuan Bitcoin purchase
Despite the fact that Bitcoin might be losing momentum, Michael Saylor’s company MicroStrategy, recently rebranded to simply Strategy, has announced a massive BTC purchase, continuing its everlasting Bitcoin accumulation.This time, the company has purchased an astounding 7,633 Bitcoins worth roughly $742 million in total. Before that, also this year, Strategy stunned the market when it acquired $1.1 billion worth of BTC in a single purchase.
Saylor’s brainchild continues to underscore its commitment to following the Bitcoin strategy no matter what happens on the cryptocurrency market and has even named the company in line with this concept.
His company has been purchasing Bitcoin regularly since August 2020. According to the Q4, 2024, report published last week, Strategy witnessed the largest Bitcoin inflow in the last quarter of 2024, when it raised several billion through stock offerings and used all the proceeds to buy more Bitcoin.
At the time of this writing, the world’s pioneer cryptocurrency is changing hands slightly above the $97,000 price level.