Bitcoin’s performance in 2024 is predicted to be lower than that of the stock market, while gold is expected to outperform, according to Bloomberg senior commodity strategist Mike McGlone. Despite the positive outlook surrounding the recent approval of Bitcoin exchange-traded funds (ETFs) and the upcoming BTC halving, macroeconomic factors may hinder the cryptocurrency from reaching new all-time highs in 2024. McGlone believes that the market’s anticipation of the United States Federal Reserve reducing interest rates, which typically benefits risk-on assets like Bitcoin, is largely unfounded. He explains that the Fed will be cautious due to the inflation caused by excessive easing in the past. McGlone also foresees the U.S. economy entering a recession this year, which would negatively impact the stock market. As Bitcoin is seen as a leading indicator for risk assets, it is likely to be affected in such a scenario. McGlone suggests that gold and long Treasury bonds will be the assets that perform well in this environment. For more details on McGlone’s 2024 forecast, you can watch the full interview on Cointelegraph’s YouTube channel and subscribe for more updates.
Bloomberg analyst predicts Gold to surpass Bitcoin in performance by 2024