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U.Today - Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, known for his bearish disposition on Bitcoin (BTC), has made a notable prediction. This time, McGlone shared his forecast that the leading digital currency is underperforming against gold.
Reason Mike McGlone predicts shift toward gold
Per McGlone’s update, Bitcoin has been underperforming in 2025 relative to gold. This suggests the market is shifting away from riskier assets like Bitcoin as investors lean toward traditional assets like gold.He implied that the broader financial market is deflationary after the recent inflation spike. The commodity strategist opines that investors generally prefer traditional assets like gold to store value in deflation. That is, speculative assets like Bitcoin do not appeal to seasoned investors.
McGlone claims that Bitcoin has been overvalued relative to gold. "May’s 33x high in the per-ounce price of the metal equal to one crypto has peak inklings, especially if the U.S. stock market declines," he wrote.
He insists that in May, one Bitcoin was worth 33 times the price of an ounce of gold. However, the market could shift away from crypto and focus on gold.
Could Bitcoin crash to $40,000 and gold surge to $4,000?
According to McGlone, the current development could see gold hit $4,000 an ounce and be 10 times the value of Bitcoin. If McGlone’s prediction comes to pass, it means Bitcoin could plunge to $40,000, a level recorded sometime in 2023.As of press time, the Bitcoin price was changing hands at $105,380.78, representing a 1.33% increase in the last 24 hours. The coin had previously hit a peak of $106,500 before losing its position to the current level. Despite the price correction, traders are active with trading volume registering a 4.91% uptick to $43.5 billion.
Interestingly, Robert Kiyosaki, the author of "Rich Dad Poor Dad," holds an opposing view to McGlone’s. Kiyosaki warns of a potential market crash that could see billions flow into Bitcoin as a safe haven.