Bitcoin Faces Test Against Gold’s 2021 Highs - U.Today

• The new big trade?
• McGlone sticks with gold Mike McGlone, chief commodity strategist at Bloomberg Intelligence, believes that Bitcoin has yet to prove that it is capable of acting as an independent asset instead of simply being "the last big trade" chased by speculators

In order to prove that, the cryptocurrency would have to remain above its 2021 high against gold

The new big trade?

As of now, Bitcoin is valued at approximately 35 ounces of gold. If Bitcoin falls below that level, it will signal more weakness

In fact, U.S. Treasury bonds (T-bonds) might emerge as the next big trade. He has added that yields in China are now trading toward 1.75%. Hence, T-bonds might be a more attractive option

As reported by U.Today, McGlone previously predicted that the price of Bitcoin might collapse to $10,000

McGlone sticks with gold

McGlone has noted that he personally prefers gold over "digital gold" as of now

On Aug. 14, Bitcoin briefly peaked at 36.9 ounces on Aug. 14 before paring some of its recent gains

In mid-April, the Bitcoin/XAUT pair collapsed to just 24.7 ounces, which remains the current 2025 low

Bitcoin is still down 0.41% against gold this year, which might be quite embarrassing for the holders of the leading cryptocurrency, considering that it has a much smaller market cap compared to the holders of the yellow metal.

As reported by U.Today, Fidelity's Jurrien Timmer previously predicted that Bitcoin might end up outperforming gold in the second half of the year. However, this prediction has not materialized yet as digital gold continues to lag behind its "safe haven" competitor.