Bitcoin Set To Replace Gold?
It should be inevitable considering we are now almost a quarter into the 21st century; Mike McGlone of Bloomberg Intelligence gives his take here:
Bitcoin set to replace gold, says Bloomberg strategist on Bretton Woods’ 50th anniversary
The senior commodity market strategist credited the “digitization of money and finance” behind the Bitcoin market’s superior growth against gold, noting that the same factors helped the U.S. dollar gain dominance “rapidly and organically” over the precious metal.
McGlone’s comments appeared as takeaways from a recent three-day conference at New Hampshire’s Bretton Woods hotel, which was attended by economists, macro analysts and investors, including Fidelity Investment’s Jurrien Timmer and Morgan Stanley’s Amy Oldenburg, among others.
Bretton Woods is popular among economists for hosting the United Nations Monetary and Financial Conference in 1944, which later led to the obligation that the United States, Canada, Western European countries, Australia and Japan would tie their currencies to gold.