Bitcoin for Gold, Bloomberg's Mike McGlone Teases Potential Twist Ahead

Bitcoin (BTC), the leading digital asset, has had a good run against gold on the broader financial market. Recently, Tim Draper, the legendary venture capitalist, declared gold dead because it does not move like Bitcoin. However, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has dropped a potential twist to Bitcoin’s growth against gold.

Mike McGlone points to yields and risk dynamics

In a post on X, McGlone’s analysis of the U.S. 30-year Treasury yield at 5.15% on May 22, 2025, when BTC was at $112,000, shows a twist. He noted that rising yields might favor gold over Bitcoin due to gold's historical role as a safe-haven asset.

The strategist suggests that gold could be better positioned moving forward. However, he leaves open the possibility that Bitcoin could continue to rise, sparking a broader rally on the financial market.

McGlone questions whether Bitcoin could decouple from risk assets like the SP 500. He opines that gold, unlike Bitcoin, would continue to benefit from macroeconomic uncertainty.

According to McGlone, Bitcoin could outpace gold only if the digital asset keeps rising. That way, other risk assets would continue to rally. That is, unless Bitcoin continues to shock the market, gold would definitely have the upper hand.

Bitcoin ETFs narrow gap with gold

Despite McGlone’s analysis, other stakeholders have maintained their preference for Bitcoin. Robert Kiyosaki, author of "Rich Dad Poor Dad," insists that Bitcoin's 21 million supply cap gives it an edge in the financial sector.

Kiyosaki noted that while it is possible to mine other assets like silver and gold, Bitcoin’s supply is finite. The author even predicted that Bitcoin could surge to $250,000 before the end of 2025.

Meanwhile, the Bitcoin exchange-traded fund (ETF) has recorded cumulative inflows of $44.53 billion. Comparatively, the gold ETF has a total asset of $100 billion. The data shows that the Bitcoin ETF is gradually catching up with the gold ETF, even though the product has only existed for less than two years.