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Bitcoin's meteoric rise of 158.9% places it far ahead of crude oil on Bloomberg's scorecard. Mike McGlone points to rapid technological advancements and geopolitical pressures as driving forces, signaling major market shifts as 2025 approaches.
Bitcoin and Crude Oil Face Diverging Market Paths
U.Today reports that a portion of the most recent report that was published by the analytics agency that Mike McGlone works for, Bloomberg Intelligence, was shared on his X account by Mike McGlone, who is the chief commodity strategist at Bloomberg Intelligence. McGlone also mentioned that Bitcoin and a few other assets have been significantly surpassing one fundamental asset in recent times, which is crude oil.
According to what McGlone wrote in his tweet, crude oil is currently at the bottom of his "annual macroeconomic-performance scorecard," while Bitcoin, gold, and the S&P 500 index are at the top of the scorecard.
Advancing Technology Fuels Bitcoin’s Dominance Over Crude Oil
According to the expert from Bloomberg, the quickly growing technology sector, rising geopolitical tension, and commodity deflation are the three factors that are responsible for the recent outperformance of crude oil. Gold is currently trading at $3,000, and Bitcoin is currently changing hands at $97,050. This is in contrast to the fact that oil is currently falling by $50.
The screenshot that McGlone posted demonstrates that Bitcoin, the most popular cryptocurrency in the world, has increased by 158.9% over the course of the last year (125.5% year-to-date), but gold has decreased by 33.8% over the course of the previous year and has increased by 27.4% year-to-date.
Russia-China Collaboration and the 2025 Commodity Outlook
Following the announcement of Russia and China's collaboration in 2022, he noted in another tweet that the price of gold has been increasing while the price of commodities has been decreasing. In the year 2025, the expert most likely predicts that the price of gold may continue to rise while the price of commodities may continue to fall.
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