- The BTC/Gold correlation remained weak at press time.
- Bitcoin surpassed Gold in investors’ portfolio allocation when adjusted for volatility.
Bitcoin’s [BTC] proponents have long pitched it as a global store of value, assuring investors guaranteed returns over some time, irrespective of the state of the broader financial market.
Well, 2024 might be the year that dramatically strengthens this narrative.
Digital Gold vs. Real Gold
The Bitcoin to Gold ratio has risen sharply since the start of the year, and was moving closer to the all-time high (ATH) clocked during the peak 2021 bull market, according to crypto market data provider Kaiko.
The ratio, which measures the relative performance of the two assets, underlined that the “Digital Gold” outperformed its real-world counterpart.
The world’s largest cryptocurrency has been bolstered by the launch of spot exchange-traded funds (ETFs) in the U.S. this year.
According to AMBCrypto’s analysis of SoSo Value data, inflows into spot ETFs have hit $12 billion since their listing in January.
The soaring demand sent Bitcoin past its ATH earlier this month, and more than 50% higher since the start of the year.
On the other hand, the yellow metal could just grow 4.71% year-to-date (YTD), although it also hit its peak of $2,179 per ounce recently.
Moreover, unlike Bitcoin, physically-backed Gold ETFs have witnessed net outflows of late, as per
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Author: Aniket Verma
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