According to Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, Bitcoin (BTC) adoption will continue to oppress other traditional assets like gold.
More so, Mike McGlone makes this claims while in a new interview with BNN Bloomberg. Furthermore, he says he is not exactly bearish on gold. However, Mike McGlone sees Bitcoin as the currency of the younger digital generation.
“The trend is unfavorable for gold. It’s a fact that Bitcoin is basically becoming like a giant Pac-Man…” So, McGlone explains
“It’s sucking assets from all asset classes. It’s trickling into bonds now…”
“but the key area it started with is gold, and I expect it to accelerate.”
More so, McGlone continues,
“Now I’m not bearish [on] gold, but I think gold would be much higher…”
“The fact is Bitcoin’s their new digital version in a world that’s going digital…”
“Millennials don’t really want gold.”
Then, McGlone goes on to say that China’s recent ban on crypto may strengthen the US dollar. Noting that it’s the main currency used as a base layer to trade digital assets..
Meanwhile, He states that regulators will move to adopt the new asset class.
“The most widely traded crypto assets are crypto dollars…”
Also, Mike McGlone Elaborates further.
“Tether’s [USDT] the number one, and then there’s a dozen Tether wanna-be’s…”
“Crypto dollars can be traded 24-7, settle instantly, and they…”
“actually earn interest well above your dollars. So the US regulation’s probably going…”
“to go there, but it’s [already] been adopted organically, in cryptos…”
Lastly, Mike McGlone concludes.
“The US dollar [is] the global reserve currency, and then the…”
“digital reserve asset is Bitcoin. They’re complete complements.”
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