According to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, a supercycle in bitcoin may be in progress as the cryptocurrency is currently outperforming gold by a factor of almost ten. He clarified that bitcoin’s (BTC) “nascent stage of low and rising adoption vs. diminishing supply” is an advantage it has over most commodities.
He added that, “typical compared with most assets,” Bitcoin’s price has been rising in an extended period of time relative to the Bloomberg Commodity Spot Index. Finally, he pointed out that if historical patterns continue, when bitcoin “heads toward new highs,” its volatility is more likely to recover than that of commodities.
Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone
