Bitcoin May Halve vs Gold - Senior Bloomberg Strategist McGlone Warns

Bitcoin (BTC)’s value against gold sits stagnant at 20x after five years, sparking warnings from Bloomberg’s Mike McGlone of a potential reversion lower.

As gold surges amid economic apprehension, this “curse” could halve BTC’s relative strength, impacting the cryptocurrency market’s dominance. With volatility lurking, is this the signal for a broader market shift?

Bitcoin-Gold Standoff: The 5-Year Curse Explained

Bloomberg Senior Commodity Strategist Mike McGlone highlighted the Bitcoin/gold ratio, tracked as XBT/XAU, at 20x, unchanged from five years ago despite BTC’s wild ride.

His X post, shared on January 19, questions the future for gold, the “ancient store of value” with few rivals, versus Bitcoin amid millions of cryptos.

The chart shows the ratio peaking at 40 in late 2024 before halving, hovering near 20.18 after a 2.7% daily drop. McGlone biases toward further decline to 10x, citing mean reversion and Bitcoin’s failure to sustain above $100K in 2025.

Bitcoin/Gold Five-Year Curse?
At 20x, Bitcoin/gold is unchanged from five years ago. What’s next for the ounces of the ancient store of value with three precious metals’ companions vs. the crypto with millions?
My bias is continuing reversion toward 10x vs. back to 30x.
On… pic.twitter.com/jY3yQD3FVv

— Mike McGlone (@mikemcglone11) January 19, 2026

Replies to his post mix skepticism and support. Some have called out his bearish history, whereas others see gold’s quiet strength as a recession harbinger. According to current data, Bitcoin is trading around $91,000, gold at $4,700+, keeping the ratio flat amid Fed signals and tariff talks.

Bitcoin’s price at the moment reflects a decline of 2.3% across the last 24 hours, a 1.7% dip across the previous seven days, and a 3% increase on its monthly chart, according to the most recent information.

*Bitcoin price 7-day chart. Source:* *CoinGecko*

Why This Ratio Signals Trouble for Crypto in 2026

McGlone views the Bitcoin/gold cross as a leading indicator for risk assets, potentially front-running volatility spikes. A drop to 10x could imply BTC at $50K if gold holds, or worse, to $10K in a deflationary crunch, mirroring 1929 parallels in S&P/gold ratios.

Gold’s outperformance stems from its scarcity versus BTC’s crowded field, per McGlone. Analysts like Peter Brandt align, forecasting BTC corrections, whereas optimists cite exchange-traded fund (ETF) inflows and adoption as counters.

For investors, this reversion risks eroding BTC’s “digital gold” narrative, pushing allocations toward metals in uncertain times. Yet, if volatility stays low and stocks rally, a rebound to 30x isn’t impossible, though McGlone sees greater downside odds.