Since December 2020, It’s running the Bitcoin Price up and many experts assume that this bullish run will continue so the gold based investors may take a U-turn to Bitcoin very soon, According to Mike McGlone who is senior commodity strategist of Bloomberg, BTC price is going to hit $50k while the investment on Gold may suffer.
In recent time, a report published where McGlone tried to explain that Bitcoin price is gaining ground day after day by increasing institutional adoption, not only that but also it’s being considered as one of the potential global reserve assets. So there is a huge chance to touch $50K benchmark or higher by 2024. In this report, there is evidence of moving funds from Gold to BTC which is really astonishing.
Mike McGlone said that “In a world going digital, it’s logical to expect more funds to flow toward Bitcoin and away from precious metals.” and he believes investing up to 5% in Bitcoin is becoming an increasingly wise decision.