In a recent report, Bloomberg Intelligence's chief commodity strategist, Mike McGlone, highlighted that Bitcoin, gold, and the S&P 500 index have been performing much better compared to crude oil. McGlone attributed this outperformance to the growth of the tech industry, increasing geopolitical tensions, and commodity deflation. According to the data shared by McGlone, Bitcoin has increased by 158.9% over the past year, while gold has gained 33.8%. Additionally, McGlone suggested that gold may continue rising and commodities falling, citing China and Russia's collaboration in 2022 as a possible contributing factor.



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