As bitcoin matures, the largest cryptocurrency trades more like gold, a store of value, as evidenced by the two assets’ close correlation with each other this year.
This correlation is likely to hold, said Mike McGlone, commodity strategist at Bloomberg Intelligence, and the same macroeconomic forces pushing gold higher are likely to drive bitcoin as well.
So if bitcoin is starting to trade like gold, a store of value, and less like a risk asset but has more upside potential, the question becomes: is gold still worth buying? McGlone discusses in this interview.
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This correlation is likely to hold, said Mike McGlone, commodity strategist at Bloomberg Intelligence, and the same macroeconomic forces pushing gold higher are likely to drive bitcoin as well.
So if bitcoin is starting to trade like gold, a store of value, and less like a risk asset but has more upside potential, the question becomes: is gold still worth buying? McGlone discusses in this interview.
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit
Follow us on social media:
Facebook - KitcoNews/?ref=br_rs
Twitter - kitconewsnow
Google+: u/0/116266490328854474588
StockTwits - kitconews
Live gold price and charts: gold-price-today-usa/
Live silver price and charts: silver-price-today-usa/
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: subscription/newsletter.html
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.
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