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Mike McGlone, the chief commodity strategist at Bloomberg Intelligence, has taken to his X account to share part of the recent report published by the analytics agency he works for and mention that Bitcoin and a few other assets have been massively outpacing one fundamental asset lately – crude oil.
Bitcoin beats crude oil, McGlone explains why
In his tweet, McGlone stated that crude oil currently is on the bottom of his “annual macroeconomic-performance scorecard”, while Bitcoin, gold, and S&P 500 index are on top of it.
Bitcoin and the other two outperforming crude oil is down to the rapidly advancing tech sphere, the rising geopolitical tensions, and commodity deflation, Bloomber’s expert said. While oil is going down $50, gold is trading at $3,000, and Bitcoin is changing hands at $97,050 at the moment.
Crude Oil on Track Toward $50, Gold $3,000 - #Bitcoin, the S&P 500 and #gold on the top of my annual macroeconomic-performance scorecard and #crudeoil on the bottom may show the proliferation of rapidly advancing technology and rising geopolitical tensions, and commodity… pic.twitter.com/19ZeXEYjgq
— Mike McGlone (@mikemcglone11) November 29, 2024
The screenshot shared by McGlone shows that in the last year the world’s leading cryptocurrency Bitcoin has added 158.9% (125.5% year-to-date), while gold has gained 33.8% over the past year and 27.4% year-to-date.
Gold May Continue Rising and Commodities Falling - A key question for 2025 is what might stop rising #gold and most #commodities falling since #China and #Russia announced their "unlimited friendship" in February 2022.
— Mike McGlone (@mikemcglone11) November 29, 2024
The full report is on the Bloomberg terminal here:… pic.twitter.com/6XIQyFV5S8
In another tweet, he stated that gold has been rising and commodities falling since 2022, when Russia and China announced their collaboration. The expert may believe that gold may continue to increase and commodities may keep going down in 2025 as well.