ARTA – Gold, which has been mentioned as a safe and value-protecting asset, has started to compete with a blockchain-based digital asset. Quite a few people consider Bitcoin to be gold 2.0, as Fed Chairman Jerome Powell revealed during the meeting summit on December 5.
: “Bitcoin is like gold, just digital (in) form,” Powell told Bankless.
al, Galaxy Digital founder and CEO Mike Novogratz is optimistic that Bitcoin (BTC) could surpass even the market cap of gold in the next five to eight years. This belief came after Bitcoin continued to see impressive growth momentum.
in, Alex Thorn, head of research at Galaxy Digital, said that the market capitalization of Bitcoin has now reached 14% of the total value of gold, estimated at 17.8 trillion US dollars (284.800 trillion IDR). This data shows that Bitcoin is moving ever closer to gold’s position as the primary asset for storing wealth.
on the night of December 17, Bitcoin reached its all-time high price of 108,268 US dollars (1,744 billion IDR) per coin according to data from CoinMarketCap today. BTC’s market capitalization is currently at US$2.13 trillion (IDR34.08 trillion), more than two-thirds of the total value of gold held by global central banks, which is US$3.13 trillion. US dollars (IDR 1.080 billion). This momentum is driven by positive market sentiment ahead of the US Federal Reserve’s decision to cut interest rates.
on the other hand, the development of Bitcoin ETF is also in the spotlight. For the first time, Bitcoin ETFs in the United States have surpassed gold ETFs in total assets managed. The Bitcoin ETF now manages funds of US$129.25 billion (IDR2.68 trillion), surpassing gold ETFs which stand at US$128.88 billion (IDR2.62 trillion). BlackRock’s iShares Bitcoin ETF (IBIT) product has performed better than the iShares Gold ETF (IAU), which has been a preference since 2005.
Novogratz believes that the growing institutional adoption and acceptance of Bitcoin as a “digital platform” will encourage Bitcoin’s market capitalization to continue to grow. In addition, market conditions are also increasingly mature recently, so Bitcoin has the potential to change the global investment world and become a major stock of value in the future.
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