Bloomberg analyst predicts gold will surpass Bitcoin in performance by 2024.

According to Bloomberg senior commodity strategist Mike McGlone, Bitcoin is expected to perform worse than the stock market in 2024 when adjusted for risk. On the other hand, McGlone believes that gold may outperform the stock market in the same period. Despite the recent approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving, macroeconomic factors may hinder the largest cryptocurrency from reaching new all-time highs in 2024. McGlone argues that market expectations of the United States Federal Reserve cutting interest rates, which typically benefits risk-on assets like Bitcoin, are largely misguided. He explains that the Fed will not ease monetary policy as it has in the past due to the inflation it has already created. In fact, McGlone predicts that the US economy will enter a recession this year, which will likely cause the stock market to decline. As Bitcoin is considered a leading indicator for risk assets, it is expected to suffer during such market conditions. McGlone suggests that gold and long Treasury bonds will be the assets that perform well in this environment. To learn more about McGlone’s predictions for 2024, you can watch the full interview on Cointelegraph’s YouTube channel and remember to subscribe.