Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin By Cointelegraph


Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin

Despite (BTC) slipping back below $50,000, more and more investors are likely to move their capital into Bitcoin and gold markets in the second half of 2021 (H2), asserted to Mike McGlone on Aug. 23, the senior commodity strategist at Bloomberg Intelligence.

The financial analyst cited the consistently lower yields offered by the 30-year US Treasury note behind his upside analogy. He noted that if its rate of return persists below 2%, it could enhance the price discovery stage for Bitcoin while posing a competitive advantage for traditional safe-haven assets like gold.

Bitcoin, gold, and US bonds index versus S&P 500 total return index. Source: Bloomberg Intelligence
30-year US Treasury yield versus Bitcoin price. Source: TradingView.com
Bitcoin daily price chart. Source: TradingView.com