Here's Why This Analyst Says Bitcoin Set To Vastly Outperform Gold

Bloomberg's lead commodity strategist Mike McGlone recently said that Bitcoin BTC/USD will outshine the most famous precious metal.   

According to McGlone, Bitcoin is four times more volatile than gold and could be transitioning to a higher-beta version of the yellow metal and U.S. Treasury bonds.

McGlone compared Bitcoin with Tesla stock and said Bitcoin's price relative to TSLA might be in the process of forming a bottom.

Also Read: 'Rich Dad Poor Dad' Author Says Bitcoin Holders Will Get Richer When Fed Prints 'Trillions Of Fake Dollars'

He said that gold will play a pivotal role if the U.S. enters a recession in 2023. 

Last week, McGlone said that the crypto market's value was slashed by $1.3 trillion in 2022, a "roughly equivalent" figure to the combined market cap decrease of Amazon and Google. 

Also Read: Can Crypto Appreciate? Exclusive Data Shows Adoption Rates Have Room To Run