Matrixport, a leading company in crypto services, published a report today on gold and gold as a store of value. Bitcoin He stated that the connection between (BTC) is open. According to the company, demand for BTC as a digital store of value is a big reason why the cryptocurrency is growing in popularity.
Matrixport stated that Bitcoin’s market value is $540 billion, which corresponds to 10.8% of the market value of physical financial gold, while adding that gold exchange-traded funds (ETFs) are worth $200 billion.
Therefore, the potential approval of a US-listed spot BTC ETF by the Securities and Exchange Commission (SEC) could result in inflows of $20-30 billion and potentially crypto- The comment that it could trigger a big rally in the currency also attracted attention.
The SEC has dragged its feet on approving a spot Bitcoin ETF, announcing in August that it was delaying its decision on all new applications until October. The crypto market remains excited about a positive comment from the SEC.
According to the report, BTC is in a more advantageous position than gold because private keys can be stored in memory, which eliminates the risk of confiscation.
“Even today, assets are gold “Storing it as a form of storage is not only obsolete in the digital age, it also imposes significant restrictions on crossing borders,” he wrote, adding that “bitcoin offers a solution to this dilemma, allowing value to move quickly and relatively inconspicuously across borders.”
“Therefore, given the current state of technological developments, bitcoin’s primary roles will likely be as a store of value similar to gold and as a speculative financial asset,” the report said.