1 August 2026
Bitcoin Could Soon Hit the Mark of $50,000 as Gold Falters.
Bitcoin price is expected to hit $50,000 shortly as investors are removing funds out of Gold and betting in the Crypto world, says Mike McGlone- Bloomberg senior commodity strategist
As per the February 2021 edition of the “Bloomberg Crypto Outlook, McGlone has written that strong support is seen in the Bitcoin price around the $30,000 mark and that increasing institutional adoption and the potential for the benchmark to become a global reserve asset could make it move to $50,000 a coin.
The report also highlighted the funds moved into BTC from Gold and the growth of Grayscale’s Bitcoin Trust (GBTC), in contrast to the declining ETF (exchange-traded fund (ETF) holdings of Gold. GBTC has grown to 10% of the “$210 billion tracking-gold ETFs, McGlone writes.
He further notes down that the endurance of low-interest rates, quantitative easing, and rising debt-to-GDP could be supporting BTC and Gold. GBTC’s bitcoin holdings have grown approximately 700,000 BTC, whereas ETFs gold holdings have dropped to around 109 million ounces, from an October peak above 111 million.
The rising stock market volatility has always been beneficial for Gold and Bitcoin. This volatility was once used to criticize the cryptocurrency as an investment. The strategist also noted that combined investment in BTC and XAU had shown a 260-day volatility rate of 30% compared to the S&P 500, at 35%.
He also remarked that by 2024 BTC’s volatility could match Gold by 2024 as the market matures. BTC’s current 260-day volatility is at 50% compared to Gold’s volatility back in 1980. For Bitcoin to become less volatile than Gold, it does not have to do much.
McGlone also writes that it is important to remember that Bitcoin's market capitalization would reach $1 trillion in 2022 as predicted in the past. He also addressed Ethereum in his report claiming that the $1,000 mark is "unlikely" to break.
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