The connection between gold and bitcoin as stores of value is obvious, and the demand for BTC as a digital store of value was a big reason why the cryptocurrency grew in popularity, crypto services provider Matrixport said in a report Monday.
The SEC has dragged its heels on approving a spot bitcoin ETF, and in August said it was delaying its decision on all new applications until October. The crypto market is hopeful that such an approval will trigger a flood of mainstream money into the sector. “Even today, storing assets in the form of gold has not only become unfashionable in the digital age, but comes with significant restrictions when crossing borders,” wrote Markus Thielen, head of research at Matrixport, adding that “bitcoin offers a solution to this dilemma, enabling the swift and relatively inconspicuous movement of value across borders.”
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