Bitcoin Looks Like A 'Relative Dud' Against Gold And US Treasuries, Says Bloomberg's Mike McGlone

• Bloomberg Intelligence strategist Mike McGlone said one Bitcoin currently buys roughly 20 ounces of gold, predicting the ratio is more likely to fall further.
• Bitcoin is also underperforming long-term U.S. Treasuries. McGlone said the IBIT-to-TLT ratio stood at 81 as of Friday.
• McGlone warned that Bitcoin's continued weakness below $80,000 could signal broader pressure on risk assets.

Bitcoin (BTC) is losing ground to gold and long-dated U.S. Treasuries, warned Bloomberg Intelligence senior commodity strategist Mike McGlone. He added that the slide could extend into risk assets.

On X, McGlone made his case saying Bitcoin purchased roughly 20 ounces of gold on Saturday, and the ratio is more likely to fall toward 15 than to rise toward 25. He noted that early in 2021, amid a deluge of pandemic-era stimulus, the ratio first reached the 20 mark. He claimed that since then, Bitcoin has fluctuated roughly three times as much as gold while remaining stagnant.

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McGlone said that record "puts Bitcoin in the category of a relative dud." He asked if the cryptocurrency could still prove that "it's not a has-been." A hold above 20 would indicate a recovery. According to McGlone, a break in either direction could have an impact on stocks as well because the ratio has closely followed the Nasdaq-100 Index.

Treasuries Pull Ahead

McGlone contrasted the iShares 20+ Year Treasury Bond exchange-traded fund (TLT) and BlackRock's iShares Bitcoin Trust (IBIT) in a second post. At the end of 2024, he set both at 100.

He stated that on October 30, the IBIT-to-TLT ratio was 81. IBIT is roughly four times more volatile than TLT, but it hasn't been able to stay above 100 since the fourth quarter of 2025.

McGlone said that the weak run started in 2024, the same year that US spot Bitcoin funds opened and President Trump changed his mind about his views on cryptocurrencies. He said that the poor performance "may mean that Bitcoin's glory days are over."

Bitcoin's $80K Struggle Signals Risk-Asset Concerns

He said that the market for US Treasuries was one of the world's most leveraged. Having bonds do better than Bitcoin for about two years, he said, could show what's to come if Bitcoin stays below $80,000. 

Bitcoin’s price on Saturday was around $77,300, which is 3.4% less than the level that McGlone pointed out. On Stocktwits, retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

Additionally, Visser said that Bitcoin's muted response to the Binance (BNB) hack showed that the price has "been lower than AI names all year." He said that over the last six weeks, Bitcoin had mostly moved in sync with semiconductor stocks. Now, he said that the U.S. Treasury's announcement next week about refinancing could make things easier for Bitcoin, gold, and AI stocks this year.

Read also: Bitcoin Fatigue Is Real: James Lavish Says Early Holders Have Moved On As Young Investors Turn To Betting

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