Bloomberg senior commodity strategist Mike McGlone said that the price of bitcoin relative to gold may have peaked and may now be about to experience a major reset. He pointed out that the bitcoin-to-gold ratio (that is, how many ounces of gold are equal to 1 BTC) peaked at 40 times in 2024, which means that a bitcoin is worth 40 times an ounce of gold. However, McGlone seems to think that this situation may not be sustainable and will likely be reversed in 2025. Overall, McGlone explicitly warns that the stock market and bitcoin could return to their historical averages due to heightened risk of reversion, meaning that if bitcoin is currently overvalued relative to gold, there could be a significant pullback.