More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value.
Overall, it's the latest sign that the cryptocurrency asset class may be maturing in the eyes of an increasingly professional set of investors – earlier today, the total value of all publicly traded cryptocurrencies set a new all-time high, rising above $117 billion for the first time.
But while largely symbolic, the finding is notable given that bitcoin enthusiasts have long compared the digital asset to gold, arguing that it is a more effective store of value due to its digital and provably finite nature.
Still, it remains difficult to determine whether the two assets have any relationship in the market, with past attempts to draw a correlation largely coming up empty.
A CoinDesk report from July of last year found that, despite the fact they are both considered safe havens, there is hardly any similarity in market movements.
Gold bars image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.