According to the statement of Mike McGlone of Bloomberg Intelligence, Bitcoin will replace gold, although US regulators attempt to disrupt its growth.
August 18, 2021, | AtoZ Markets – After the last uptrend, Bitcoin (BTC) market value approached $1 trillion, and Bitcoin became compared with gold again. Mike McGlone, chief strategist of Bloomberg stated in an evaluation made on his personal social media account that the crypto money regulations on the agenda in the USA will not affect the market.
Bitcoin is set to replace gold
Mentioning that the financial sector is becoming increasingly digital, McGlone claimed that Bitcoin will replace gold.
#Digitalization of money and finance is happening rapidly and organically, the #dollar is gaining dominance, #Bitcoin is replacing gold and U.S. regulation is unlikely to disrupt its advance — these are our key takeaways from the #BrettonWoods: The Realignment conference. pic.twitter.com/Oy11l68Oqs— Mike McGlone (@mikemcglone11) August 16, 2021
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.
While the cryptocurrency market gained value, Mike McGlone drew attention to the dollar dominance in this market. McGlone stated at The Realignment conference that the digitalization process of the financial sector is progressing quickly and naturally and that the US regulations, which are harshly criticized by the crypto money community, are unlikely to disrupt blockchain technology.
“The digitization of the money market and financial sector is happening fast and organically. The dollar is gaining dominance in the market. Bitcoin is replacing gold, and it seems unlikely that US regulations will disrupt this trend.“
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