Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone
Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a super cycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward new highs.” Bitcoin’s Supercycle Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a super cycle may be happening in bitcoin. He tweeted: Looking for a super cycle ? Bitcoin outperforms commodities with declining risk — Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto. Chart showing bitcoin’s upward trajectory shared by Mike McGlone. Source: Bloomberg Intelligence The strategist explained th...