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Bitcoin set to replace gold, says Bloomberg strategist on Bretton Woods’ 50th anniversary

Published 08/17/2021, 08:00 AM
Updated 08/17/2021, 02:20 PM
Bitcoin set to replace gold, says Bloomberg strategist on Bretton Woods’ 50th anniversary
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Bitcoin (BTC) is replacing gold even as United States’ regulators attempt to disrupt its advance, said Mike McGlone of Bloomberg Intelligence on Monday.

The senior commodity market strategist credited the “digitization of money and finance” behind the Bitcoin market’s superior growth against gold, noting that the same factors helped the U.S. dollar gain dominance “rapidly and organically” over the precious metal.

Spot gold has fallen by more than 99% against Bitcoin since August 2011. Source: TradingView
Japanese yen performance against the USD after the end of the Bretton Woods agreement. Source: FRED
Oil priced in BTC. Source: Ecoinometrics
U.S. public debt in the past five decades. Source: FRED
Bitcoin rose from $3,858 to $64,899 against rising U.S. deficits. Source: TradingView

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