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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