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Bitcoin is Still 10x Away From Flipping Gold’s Market Cap, But There is Hope

by Sham
May 22, 2024
in Crypto
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Bitcoin is Still 10x Away From Flipping Gold’s Market Cap, But There is Hope
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  • Bitcoin’s market cap is approaching 10% of gold’s market cap, currently valued at $14 trillion compared to gold’s $16 trillion market cap.
  • Central banks around the world have been decreasing their exposure to the US dollar since 2015, as shown by the decrease in US debt held by foreign central banks.
  • A report by Incrementum highlights the growing institutional interest in Bitcoin, with its fixed supply and resemblance to gold as a non-inflatable asset.

Bitcoin’s market capitalization is approaching 10% of gold’s as institutional interest in the cryptocurrency continues to grow, according to a recent report by Incrementum. This trend highlights Bitcoin‘s increasing resemblance to gold.

#Bitcoin is currently only ~8.5% of gold's current market cap pic.twitter.com/0JMan2b5ZJ

— BlockNews.com (@blocknewsdotcom) May 22, 2024

Bitcoin Market Cap Nears 10% of Gold

The report, titled “The New Gold Playbook,” shows that Bitcoin’s market cap is now $1.4 trillion, compared to gold’s market cap of $1.6 trillion. While gold’s supply continues to steadily increase, Bitcoin’s supply is essentially fixed, with 94% of its total 21 million coins already mined.

Central Banks Increasing Gold Holdings While Reducing Dollar Exposure

Data from Incrementum reveals central banks around the world have been increasing their gold reserves while decreasing exposure to the US dollar. For example, since 2015 central banks have reduced their holdings of US debt.

Crypto Gold Funds Reflect Focus on Non-Inflatable Assets

Incrementum also manages a crypto gold fund focused on “non-inflatable” assets like Bitcoin and gold. These dynamics point to rising adoption of Bitcoin as an alternative to traditional assets for investors seeking to avoid inflation.

Conclusion

In summary, Bitcoin’s growing resemblance and appeal as “digital gold” is evidenced by its expanding market cap relative to gold and rising institutional investment. The report highlights key macro trends like central banks reducing dollar exposure and increasing gold reserves that are likely to further propel Bitcoin adoption going forward.

Tags: BitcoinCentral Bankscryptogold
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