Data from Bloomberg indicates that institutional investors are more inclined to purchase bitcoin over gold.

Bloomberg Intelligence’s senior strategist, Mike McGlone shared a Twitter post pointing this out on Monday, drawing attention to a sharp uptrend in the number of investors opting for Bitcoin relative to Gold.

“Digital #Gold Pushing Aside the Old Guard – Gold will always  have a place in jewellery and coin collections, but most indicators  point to an accelerating pace of replacing the metal as a store of value  in investor portfolios,” he tweeted.

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McGlone attached a snapshot of the technical picture for both assets.

As highlighted by McGlone, the influx to Bitcoin in recent months could be an indication that the flagship cryptocurrency is capturing more of the ‘store of value’ market and could soon replace the yellow metal.

Presently, the Bitcoin to Gold ratio hover above the 1.00 mark. At the same time,  Gold’s total known ETF holding has seen a slump over the last  few months.

On the other hand, the volatility of Bitcoin to Gold ratio has recorded an uptick in the first quarter of the year thus far.

Clearly, bitcoin is still one of the best performing assets globally. Earlier this week, Goldman Sachs admitted that the crypto’s 2021 returns had outstripped that of the stock market’s top-performing sector by a sizeable margin. The global investment bank reported that it had been keenly  monitoring Bitcoin’s performance since the year started.

The bank further noted that Bitcoin’s year-to-date return figure (70%) was double that of Wall Street’s best performing sector, energy,  whose return on investments stands at 35%.

In the last two months, bitcoin gained 75%. Several crypto entrepreneurs, including Anthony Scaramucci and  Anthony Pompliano, believe that bitcoin is on its way to hit 100k by the end of 2021.

Elsewhere, Gold is recording losses for the second consecutive month this year. Last week on Thursday, the yellow metal market crashed and price tumbled below $1700 for the first time in over nine months. As the narrative goes, rising yield bonds and a stronger dollar provided bearish impetus for the metal, which is currently trading at $1,712.19/oz.

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