Bloomberg Intelligence’s senior commodity strategist Mike McGlone called investing in bitcoin the “new version” of gold.
Speaking in a recent interview with Stansberry Research, first spotted by Daily Hodl, McGlone described cryptoassets and bitcoin as an essential part of every investment portfolio, saying traders should feel “naked” without it.
He said,
Looking forward in a world going digital, I see Bitcoin is adding competition to gold. But I see Bitcoin should actually be in that same bucket because if you’re holding only gold, I feel it’s a little bit naked without Bitcoin.
McGlone said the world was rapidly digitalizing, leading investors to favor modern advancements such as bitcoin over traditional assets.
He continued:
The key risks for anybody looking forward in gold is I see gold positions somewhat naked if they’re not paired with some Bitcoin. Because Bitcoin is the new version of gold.
The Bloomberg analyst said market indicators show investment flow moving towards bitcoin with some of the “old guard gold bugs” divesting in bitcoin. He said investors were looking to the “future” with bitcoin, while downplaying market volatility.
He said:
So when people say Bitcoin volatility is high yeah sure it’s only been around 10 years. I mean, gold’s been around since the beginning of time. And Bitcoin annual volatility is around 50 right now.
McGlone said bitcoin had a lot of unique things happening to it, with the volatility risk relatively low compared to recent price gains.
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