QCP Capital: Bitcoin has become a more preferred store of value

2024-12-17 19:46:49

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ChainCatcher news, according to Decrypt, Singapore-based digital asset trading firm QCP Capital wrote in a report on Monday that the price ratio of Bitcoin to gold has reached a new high, further solidifying Bitcoin's status as "digital gold," gradually positioning it as "an increasingly favored store of value compared to traditional gold."

Nevertheless, traders still tend to prefer gold over Bitcoin during uncertain times. Bitcoin has gradually become more correlated with traditional markets to some extent, partly due to the approval of the U.S. Bitcoin ETF in January this year.

According to data from Coinglass, the total assets under management of global Bitcoin ETFs have reached $119 billion. According to the World Gold Council, as of November 2024, the total assets of gold ETFs amount to $290 billion, roughly double that of Bitcoin ETF assets.

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