Bloomberg analyst: Bitcoin is currently overvalued relative to gold and may usher in a "big reset"
Bloomberg's senior commodity strategist Mike McGlone said that the price of Bitcoin relative to gold may have already peaked, and a major reset may be imminent now. His analysis indicates that by 2024, the ratio of Bitcoin to gold (i.e. how many ounces of gold equal 1 BTC) will peak at 40 times, meaning the value of one Bitcoin will be 40 times that of one ounce of gold. However, McGlone seems to believe that this situation may not be sustainable and is likely to reverse by 2025.
Overall, McGlone clearly warns that the stock market and Bitcoin may return to historical average levels due to increased risk, which means that if Bitcoin is currently overvalued relative to gold, a significant pullback may occur.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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