This week will be an important week for Bitcoin and cryptocurrencies. Because inflation data and FOMC minutes coming from the USA are closely followed by BTC investors.
At this point, while BTC was at $ 27,500 with a 1.2% decrease in the last 24 hours, the Bitcoin report came from Martrixport.
Stating that Bitcoin and gold are stores of value and that there is a clear connection between them, according to Coindesk's report, Matrixport said that the intense demand for BTC as a digital store of value is due to the increasing popularity of Bitcoin.
Pointing out that Bitcoin's market value is 540 billion dollars and that this figure is equivalent to 10.8% of the market value of physical gold, Markus Thielen, head of research at Matrixport, argued that Bitcoin is more advantageous than gold.
Thielen also stated that the SEC's approval of the spot ETF could increase the market value of BTC by $20-30 billion.
“Today, storing assets in the form of gold is not only obsolete in the digital age, but also imposes significant restrictions when crossing borders.
Bitcoin offers a solution to this situation. At this point, BTC enables the rapid and relatively inconspicuous movement of value across borders.
Therefore, given the current state of technological developments, Bitcoin's role as a store of value is similar to gold and BTC is viewed as a speculative financial asset.
Additionally, a possible SEC approval of the spot Bitcoin ETF could result in an inflow of $20 to $30 billion into BTC. “It could potentially trigger a massive rally in Bitcoin.”
*This is not investment advice.