Bloomberg's chief commodity strategist, Mike McGlone, believes that Bitcoin may continue to decline against gold in the near future. Despite reaching a record high of 41 ounces against gold on December 18, Bitcoin has since lost momentum and dropped by over 20% in less than two months. McGlone suggests there could be more room for "mean reversion." Gold, on the other hand, has been experiencing an upward trend, reaching new record levels due to geopolitical uncertainty and approaching the $3,000 mark. Bitcoin's recent slump was attributed to hotter-than-expected US inflation data. The lack of substantial gains against gold has drawn attention from prominent commodity trader Peter Brandt and vocal crypto critic Peter Schiff.



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