As a seasoned researcher with decades of experience under my belt, I have witnessed the ebb and flow of various markets, from the dot-com boom to the global financial crisis. Today, I find myself intrigued by Mike McGlone’s insights on the performance of Bitcoin, gold, S&P 500, and crude oil.
As an analyst at Bloomberg Intelligence, I’ve shared on my platform some insights from our latest report. It appears that Bitcoin, along with a select few other assets, has been significantly surpassing the performance of crude oil recently.
Bitcoin beats crude oil, McGlone explains why
According to a tweet by McGlone, at present, crude oil is ranked last in his “yearly economic-performance assessment”, whereas Bitcoin, gold, and the S&P 500 index are leading the pack.
According to a Bloomberg expert, Bitcoin and other top-performing assets are thriving due to rapid technological progress, escalating geopolitical conflicts, and commodity price decreases. At present, oil prices have dropped to around $50, gold is being traded at approximately $3,000, while Bitcoin is being exchanged for about $97,050.
Oil prices are heading towards $50, while gold costs $3,000 – Bitcoin, the S&P 500, and gold appear at the top of my yearly economic performance rankings, with oil at the bottom. This arrangement may suggest the increasing influence of fast-paced technological advancements and escalating geopolitical conflicts in the commodity market.
— Mike McGlone (@mikemcglone11) November 29, 2024
McGlone’s screenshot reveals that compared to this time last year, Bitcoin, the top cryptocurrency, experienced a significant increase of approximately 158.9%, with a year-to-date growth of around 125.5%. Conversely, gold saw a more modest increase over the same period, rising by roughly 33.8% and 27.4% year-to-date.
2025 Outlook: Will Anything Halt the Potential Increase of Gold Prices and Decrease in Commodities as China and Russia’s “Endless Friendship” Announced in February 2022 Could Be a Key Factor – For more insights, check out the comprehensive report available on Bloomberg terminal.
— Mike McGlone (@mikemcglone11) November 29, 2024
In a subsequent post, he indicated that the price of gold has been climbing and commodity prices have dropped since early 2022 following Russia and China’s joint announcement. It’s plausible that the expert predicts gold will continue to escalate and commodities could remain low through 2025 as well.
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2024-11-29 17:20