Bitcoin is better investment than gold, explained Mike McGlone, a popular Bloomberg Analyst. McGlone cited Bitcoin’s limited supply and ever growing demand as evidences.
On May 5th, Bloomberg published a series titled “May 2020 Crypto Outlook.” On the report, McGlone proclaimed that BTC’s constant soaring demand and shrinking circulating supply supports that Bitcoin is better investment than gold.
In other word, Bitcoin’s price outlook is “favorable” over gold’s price. Furthermore, he highlighted the upcoming block reward halving on May 13 as additional proof.
Mr. McGlone wrote:
“In May, the daily production of new coins will drop by half, and unlike quasi-currency brethren gold, higher prices won’t be an incentive for more supply.”
Also, the intelligence analyst said the drastic reduction in the volatility of Bitcoin’s price during the Coronavirus pandemic, beating traditional markets further back his claim.
McGlone foresees increased Bitcoin adoption as the Federal Reserve and central banks inject more fiat currency into the market.
So far, the United States government has printed an additional $2 trillion for coronavirus bailouts. The fed has no plans on how it will be repaid.
In the meantime, Bitcoin’s supply entering into circulation is in the process of getting cut by 50%. Bitcoin has been outperforming gold, by a mile long, since January 2010.
Do you indeed believe Bitcoin is a better investment than gold? Please share your thoughts below.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.