The Bitcoin-to-gold price ratio could shoot to 100x with the digital asset’s volatility possibly dropping to gold levels by 2024.
Bitcoin will continue its bullish push towards $50,000 as investors move funds out of gold and into the digital asset, according to Bloomberg senior commodity strategist Mike McGlone.
By 2024, he believes its volatility could even reach gold levels, driving the price much further.
In a report published on Wednesday, McGlone explained that BTC is showing strong support at $30,000, and “increasing institutional adoption and the potential for the benchmark to become a global reserve asset” could drive the price to $50,000 or higher.
The report cited evidence of funds moving to Bitcoin from gold, highlighting accelerating flows into Grayscale Bitcoin Trust (GBTC) and decline in total known ETF holdings of gold.