Bitcoin Is Just 'Meh' Vs Gold In 2019 - Bloomberg Intelligence
The popular crypto currency’s performance this year is just “meh” compared to gold’s rally, said Bloomberg Intelligence (BI). The important distinction that BI draws in its August report is that bitcoin is going through a consolidating bull market while gold is just taking off.
“On an annual-range basis, bitcoin is `meh' vs. gold,” BI senior commodity strategist Mike McGlone said in the report published at the beginning of the month. “Bitcoin looks like a consolidating bull market, while gold is flirting with six-year highs.” The cryptocurrency is estimated to end its consolidation period higher but its price action in 2019 has been “nothing spectacular,” described McGlone.