A senior macro strategist at Bloomberg Intelligence, Mike McGlone, has asserted that Bitcoin (BTC) could be headed towards a super cycle, outperforming various commodities and gold in 2023.
McGlone shared his opinion via Twitter on Tuesday, noting that BTC has thus far beaten gold, the top-performing old-guard commodity in 2023, by almost 10x. At the time of writing, BTC price has risen 79% year-to-date, while gold has gained 5.8%.
The analyst pointed to the cryptocurrency’s “nascent stage of low and rising adoption” along with diminishing supply as factors that could be driving its success. He also remarked that the 260-day volatility of Bitcoin relative to commodities has recently bottomed out, with BTC poised to make a significant recovery against the asset class.
McGlone further discussed the banking crisis and issues around fractional reserves, saying that such concerns are likely to be “shining a light” on Bitcoin’s properties. He suggested that BTC may be transitioning towards being accepted as global digital collateral, trading similarly to gold and US Treasury bonds.
The strategist had earlier commented on the significance of BTC surpassing $25,000 as an indication of its divergent strength. He argued that the central banks continuing to tighten despite a banking crisis adds to severe economic-reset risks.
