Gold will surpass Bitcoin in 2024 according to a Bloomberg analyst

Bitcoin is likely to underestimate the stock market on a basis adjusted at risk in 2024, while gold could go out in the lead, estimates Mike McGlone, the main strategist of Bloomberg Intelligence raw materials. According to the analyst, the macroeconomic factors will put pressure on the price of bitcoin in 2024 despite the bullish speeches.

Despite the bullish account around the recent approval of the Bitcoin Bitcoin and the next Halving Bitcoin Bitcoin (ETF), macroeconomic factors could prevent the greatest cryptocurrency from reaching new historical heights in 2024.

In particular, McGlone believes that market expectations that the American federal reserve would reduce interest rates, which generally has a stimulating effect on risk assets such as Bitcoin, are widely moved.

“The Fed does not soften as it has done in the past due to the inflation it has created by softening too much,” he told Cointelegraph in an exclusive interview.

McGlone expects the US economy to enter a recession this year, which should lead to a drop in the stock market. Bitcoin, as an advanced risk of risky assets, Bitcoin may suffer in such an environment.

“When the stock market and beta drop, bitcoin drops more,” said McGlone.

According to the analyst, gold and long -term treasury obligations will probably be the assets that will emerge in this environment.

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