Mike McGlone Urges Gold Investors to Acquire Bitcoin; Saying Don’t Put All Your Eggs In One Basket.
Mike McGlone, a senior Commodity Strategist at Bloomberg, has urged investors of the famous yellow metal – gold – to diversify their portfolio to include Bitcoin to avoid suffering considerable losses in the long run.
In a recent interview with popular YouTuber Scott Melker, McGlone said gold investors should not put all their eggs in one basket as the global economy heads toward a deflationary recession.
McGlone expressed disappointment at the current price of gold, which he noted as experiencing a poor performance even though the asset class is supposed to be the top asset beneficiary of the ongoing Russian invasion of Ukraine.
He noted that gold, which is currently trading around $2,000 per ounce, should have surpassed the $3,000 level, given that many people consider it a haven in the ongoing war.
“[…] Most money managers on the planet who have been holding gold like forever are at greater risk if they do not have Bitcoin in that portfolio of gold. It is shocking to see people put all their eggs in one basket with gold,” McGlone was quoted as saying.
Bitcoin to Hit $100,000 in the Long-Term
This year, McGlone said BTC is only reacting to the recession currently rocking the global financial industry, Commenting on Bitcoin’s price dip this year.
For McGlone, Bitcoin is showing divergent strength, where the asset class is shifting from risk-on to risk-off.
However, he is confident that the world’s largest cryptocurrency would come back stronger following widespread adoption, which could see BTC surpass $100,000 in the near future.
McGlone’s $100,000 BTC price prediction reflects a similar view made by Nayib Bukele, the president of Bitcoin-friendly country El Salvador.
The president of El Salvador is confident about his $100,000 price for Bitcoin, thus prompting the country to embark on a purchasing spree for the cryptocurrency.
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