As anticipation of a spot Bitcoin ETF approval grows stronger, the crypto asset is gaining momentum that is putting gold on the back foot. That’s according to a study by Bloomberg analyst Mike McGlone. McGlone shared his analysis on the X platform on how a spot Bitcoin ETF approval could put gold on the back foot. Coingape reported the analyst’s recent tweet that, in the long run, the leading cryptocurrency is likely to replace the precious metal. “Bitcoin’s recent divergent strength against stocks and bonds suggests maturity and diversification,” McGlone said. McGlone’s analysis highlights the growing divergence between Bitcoin and gold, a trend that has been playing out over the past few weeks. Gold and Bitcoin, traditionally considered to have an inverse relationship, have seen their paths diverge. Earlier this month, Bitcoin hit a record high while gold slumped to a two-month low. Instead of serving as a safe haven for investors amid global financial uncertainty, gold has slipped, surpassing the critical support level of $1,880 per ounce. Analysts’ Predictions on the Future of Bitcoin With anticipation of a spot Bitcoin ETF approval growing, prominent figures in the financial industry, including Mike Novogratz, Anthony Scaramucci, and Robert Kiyosaki, have weighed in on the potential for a spot Bitcoin ETF. give their views on the future of Bitcoin. U.Today reports several observers predicting a major surge in the cryptocurrency’s value. Robert Kiyosaki, author of “Rich Dad Poor Dad,” envisions Bitcoin reaching $135,000 when the SEC gives its final approval.