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These three outperforming crude oil is down to the rapidly advancing tech sphere, rising geopolitical tension and commodity deflation, the Bloomberg expert said.
Bloomberg commodity strategist Mike McGlone believes that Bitcoin and a few other assets have been massively outpacing one fundamental asset lately – crude oil.
According to McGlone, three assets that are outperforming oil are reacting to the fast-developing tech sphere, rising geopolitical tension and commodity deflation.
In the past year, Bitcoin has added 158.9%, while gold has gained 33.8%. Bitcoin is currently trading at $97,050, while gold is trading at $3,000. At the same time, crude oil is down by $50.
In another tweet, McGlone stated that gold has been rising and commodities falling since 2022, when Russia and China announced their collaboration. The expert likely believes that gold may continue to increase and commodities may keep going down in 2025.
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