A number of indicators advise that Bitcoin (BTC) is pushing bated gold every bit the premier rubber-haven asset. This could set the stage for wider mainstream adoption of the digital currency, co-ordinate to Mike McGlone, a senior commodity strategist at Bloomberg.

McGlone tweeted Monday that the battle betwixt the safety havens is beginning to favor Bitcoin, based on technical and primal indicators. He explained:

"Gold will always have a identify in jewelry and coin collections, merely most indicators point to an accelerating footstep of Bitcoin replacing the metal every bit a store of value in investor portfolios."

The nautical chart accompanying the tweet shows Bitcoin's strong outperformance versus aureate since mid-2020, while total known holdings of gold ETFs have declined. In other words, it appears that Bitcoin is gaining traction among institutional investors at the expense of gold. The nautical chart also highlights a sharp decline in Bitcoin's volatility relative to that of gold.

McGlone has long argued that Bitcoin would ultimately become the preferred condom haven of investors every bit the "digital golden" narrative continues to gain traction. In early Feb, the Bloomberg strategist predicted that BTC would quickly accomplish $50,000 equally investors move funds out of bullion and into the digital asset. The flagship cryptocurrency hit $50,000 less than 2 weeks later on.

In Nov 2020, McGlone also predicted that Bitcoin could reach $170,000 over the next two years before consolidating like gilt.

So far this twelvemonth, the oasis battle between gilt and Bitcoin has strongly favored BTC. As of Monday, 1 Bitcoin was worth 30.3 ounces of gilt. The ratio peaked at 32.one in Feb, co-ordinate to MarketWatch data.

The BTC spot toll is currently trading above $51,100, upwardly one.iii% on the day. Gold, meanwhile, is down 0.9% at $i,683 per troy ounce on the Comex sectionalization of the New York Mercantile Exchange.