QCP Capital, a Singapore-based digital asset trading firm, wrote in a report on Monday that the record high price ratio of Bitcoin to gold further consolidates Bitcoin's position as "digital gold", gradually positioning it as "an increasingly favored means of storing value compared to traditional gold."
Nevertheless, traders still prefer gold to Bitcoin in uncertain times. Bitcoin has gradually become more relevant to traditional markets to some extent, thanks in part to the approval of the U.S. Bitcoin ETF in January this year. According to Coinglass, the 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 are $290 billion, about double the assets of Bitcoin ETFs. (Decrypt)