Crypto influencers and companies, such as the investment firm Grayscale and merchant bank Galaxy Digital, are increasingly pushing the narrative that Bitcoin is a store of value as strong as gold.
Grayscale, in particular, launched a full-scale “Drop Gold” campaign earlier this year.
The multi-million dollar marketing campaign features a set of TV commercials airing across the US.
Now, according to a senior analyst at Bloomberg Intelligence, the price of BTC is beginning to prove their case.
In a new note to clients, Mike McGlone says Bitcoin is maturing into a viable alternative to the precious metal.
Similar to gold, McGlone says he believes macroeconomic factors will likely offer a strong backbone for the price of Bitcoin.
“Bitcoin is maturing into a digital store-of-value akin to gold.
Layers of price support, increasing institutional interest and macroeconomic conditions similar to those aiding gold should keep Bitcoin’s price buoyant.”
McGlone’s comments come on the heels of a separate report from Bloomberg highlighting analysis that indicates BTC is emerging a hedge against the devaluation of China’s national currency.
Despite the increasing narrative, crypto analyst and economist Alex Krüger says Bitcoin is clearly an uncorrelated asset – but asserts it’s far too early to tell if BTC is a macro asset.
“I wouldn’t comment on this would I not be constantly exposed to a whole industry claiming how bitcoin is driven by gold/yuan/stocks/the dollar/etc. It often feels like mass delusion, not that different from the ‘this is a new paradigm, not a bubble’ narrative of late 2017…
Bitcoin is not *yet* a macro asset. It should become one as the market matures, as it’s increasingly seen as digital gold and is a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry.”
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