Gold Might Surpass Bitcoin as Global Inflation Rages

IconCryptoNewsTerminal Staff13 Sep, 2024

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Gold Might Surpass Bitcoin as Global Inflation Rages

Mike McGlone, senior macro strategist at Bloomberg Intelligence, suggested on Twitter that Bitcoin (BTC) might drop against gold as global inflation continues to rise. He highlighted that gold and Bitcoin are viewed as "rival store-of-value assets" and that investors often flock to gold during times of high inflation. McGlone stated that the Federal Reserve's quantitative tightening policy could further support gold's value.