Matrixport released a study on Monday suggesting that Bitcoin could be a more reliable store of value than gold.
Gold has long been a go-to asset for safety. However, Bitcoin’s popularity is rising as a digital alternative.
Since the start of 2023, Bitcoin has surged around 69%. It has done so even after a 60% drop from its peak in November 2021.
The report shows Bitcoin’s market value is 10.8% of gold’s. Experts like BlackRock’s CEO Larry Fink call Bitcoin “digital gold.”
They point out its limited supply of 21 million units. This scarcity makes it a solid investment option.
Matrixport analysts offer more reasons. They say gold is becoming “outdated.” Bitcoin wallets can be secured by memorizing private keys, lowering the risk of losing assets.
Markus Thielen, Matrixport’s research lead, gives an example. He says storing gold can be a hassle, especially when traveling.
In contrast, Bitcoin allows quick and discreet value transfer across borders.
In conclusion, the report states Bitcoin can serve two purposes. First, it’s a modern reserve of value, similar to gold. Second, it’s an asset you can speculate on in the financial market.
Background
The debate over Bitcoin as a reserve of value is not new; it has been ongoing since its inception in 2009.
Initially, Bitcoin was seen as a decentralized digital currency for peer-to-peer transactions.
Over the years, however, its function has evolved. Many now view it as a currency and an investment vehicle, similar to gold.
Gold has been a standard for wealth and stability for thousands of years. It has been a hedge against inflation and a safe harbor in uncertain times.
Matrixport
Matrixport is a financial services platform specializing in crypto assets.
It was founded in 2019 by some of the co-founders of Bitmain, one of the world’s largest hardware manufacturers for cryptocurrency mining.
Matrixport offers a variety of financial products and services, including crypto trading, investment, and lending.
The company aims to be a one-stop solution for cryptocurrency users seeking diverse financial products.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
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