In the recent reports published by Bloomberg Intelligence, Chief Commodity Strategist Mike McGlone discussed how Bitcoin, gold, and the S&P 500 index have been outperforming crude oil. In a tweet, McGlone explained that crude oil is currently at the bottom of his “annual macroeconomic-performance scorecard”, while Bitcoin, gold, and the S&P 500 index are at the top. This difference in performance is attributed to factors such as rapidly advancing technology, rising geopolitical tensions, and commodity deflation.
McGlone’s tweet also highlighted the significant increase in Bitcoin’s value over the past year, with the world’s leading cryptocurrency adding 158.9% and 125.5% year-to-date. In comparison, gold has gained 33.8% over the past year and 27.4% year-to-date. This data showcases the impressive performance of Bitcoin and gold, while crude oil lags behind.
In another tweet, McGlone mentioned that gold has been on the rise since 2022, following announcements from Russia and China regarding their collaboration. He suggested that this trend may continue into 2025, with gold continuing to increase in value while commodities experience a decline. This analysis reflects the impact of geopolitical events on the performance of different assets in the market.
The insights shared by McGlone provide valuable information for investors and traders looking to understand the current trends in the market. By highlighting the outperformance of Bitcoin and gold compared to crude oil, he underscores the importance of factors such as technology and geopolitics in determining asset performance. This information can help individuals make informed decisions when it comes to their investment strategies.
In conclusion, the latest reports from Bloomberg Intelligence, as shared by Mike McGlone, shed light on the impressive performance of Bitcoin and gold in comparison to crude oil. These insights offer valuable information for those looking to navigate the complex world of finance and investments. By understanding the factors driving asset performance, individuals can make more informed decisions about where to allocate their resources for optimal returns.
