{"id":47394,"date":"2021-10-25T08:25:36","date_gmt":"2021-10-25T12:25:36","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows\/"},"modified":"2024-10-30T15:54:56","modified_gmt":"2024-10-30T19:54:56","slug":"gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows\/","title":{"rendered":"Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0301ea76149]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0301ea76149'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0301ea7bec5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">October 25, 2021<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0301ea7d643'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This analysis is by Bloomberg Intelligence ETF Analysts James Seyffart and Eric Balchunas. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The debate between gold bugs and Bitcoin believers over which is the better store of value will likely persist as prices for both rise. The gold camp cites the metal&#8217;s long history vs. Bitcoin&#8217;s instability and lack of regulatory support. Grayscale and Bitcoin backers see the cryptocurrency as &#8220;digital gold,&#8221; with superior efficiency and potential.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Complementary assets in a portfolio<\/h2>\n<p class=\"bi-text\">Rather than positioning Bitcoin and gold as polar alternative assets, we think they can complement each other in a portfolio. Gold has better applications in some cases, and Bitcoin in others. Bitcoin is more transportable and divisible, and more applicable as a currency. But gold is more stable, with a proven track record. Both offer virtually no correlation to traditional asset classes, with gold&#8217;s correlation at 0. Still, Bitcoin is currently most aptly characterized as a speculative asset.<\/p>\n<p class=\"bi-text\">For these reasons and due to the potential for Bitcoin to eventually become a store of value, many institutions and investors are converting at least small portions of their gold positions to Bitcoin as a hedge and diversifier.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"472\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Comparison: Bitcoin vs. Gold\" title=\"bitcoinvgold\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 490w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitcoinvgold.png 976w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Source: Bloomberg Intelligence\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Research and insights on the EMEA ETF industry directly in your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5322498115771685689\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>U.S. tax rates more favorable for Bitcoin<\/h2>\n<p class=\"bi-text\">Gold and Bitcoin have different long-term U.S. tax rates (on investments bought and sold over more than one year). For short-term capital gains (on investments bought and sold within a year), both are taxed at the individual&#8217;s income-tax rate. Bitcoin is taxed in the same way as stock ownership, with a long-term capital-gains rate of 0-20%, depending on income level. Gold is taxed as a collectible and therefore carries a long-term rate of 28%, irrespective of an investor&#8217;s income.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"777\" height=\"417\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvgold.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Bitcoin vs. Gold Long-Term Tax Rates\" title=\"btcvgold\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvgold.png 777w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvgold.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvgold.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvgold.png 600w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Source: Bloomberg Intelligence\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Limited supply and fixed inflation<\/h2>\n<p class=\"bi-text\">Bitcoin is already a store of value within the world of cryptocurrencies and could be embraced on a wider scale. Gold has been accepted as a store of value globally for centuries, but the amount available on Earth is finite and the mining rate has been relatively stable, with World Gold Council estimates of above-ground supply increasing about 1-2% a year. Bitcoin&#8217;s limited supply and controlled inflation are its monetary backbone. The last Bitcoin is expected to be mined in 2140 (coded to a maximum of 21 million coins), according to a fixed, disinflationary schedule.<\/p>\n<p class=\"bi-text\">Gold supply theoretically could jump from the discovery of a massive deposit or the advent of space mining, though either is unlikely. Potential concerns for Bitcoin include a blockchain hack via quantum computing and government bans.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"776\" height=\"402\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc-supply.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Bitcoin vs. Gold: Supply &amp; Inflation\" title=\"btc-supply\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc-supply.png 776w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc-supply.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc-supply.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc-supply.png 600w\" sizes=\"auto, (max-width: 776px) 100vw, 776px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Source: Bloomberg Intelligence\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Medium-of-exchange edge goes to Bitcoin<\/h2>\n<p class=\"bi-text\">Bitcoin is superior to gold as a medium of exchange or form of payment. Unlike gold, Bitcoin is a fixed unit of account and easily divisible and transportable. Gold isn&#8217;t easily divisible on the spot, and there are potential issues with purity and verification. The ability to trace Bitcoin on blockchain ledger technology will likely prove to be a substantial advantage, especially in cross-border transactions.<\/p>\n<p class=\"bi-text\">Digital currencies are starting to be accepted as a form of payment with vendors and retailers. Many working in the crypto community are paid in cryptocurrencies such as Bitcoin. In addition, a growing number of professional athletes and others have signed up for services that automatically convert income into cryptocurrencies upon fiat payment.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"782\" height=\"409\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc2.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Bitcoin Easier to Use as Currency Than Gold\" title=\"btc2\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc2.png 782w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btc2.png 600w\" sizes=\"auto, (max-width: 782px) 100vw, 782px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Source: Bloomberg Intelligence\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Superior stability, smaller declines for gold<\/h2>\n<p class=\"bi-text\">Bitcoin&#8217;s price volatility and history of drawdowns limit its use as a store of value, and even as a form of payment. Gold supporters contend that an asset can&#8217;t be a store of value when it&#8217;s capable of declining 80% in 12 months, as Bitcoin has. Yet gold isn&#8217;t entirely immune &#8212; from September 2011 to December 2015, for example, the metal fell about 45% in U.S. dollar terms.<\/p>\n<p class=\"bi-text\">Bitcoin&#8217;s volatility is another concern. Since launching, prices have been 4-5x as volatile as gold&#8217;s, making it difficult for merchants to accept the cryptocurrency as payment. Bitcoin&#8217;s average intraday price change in the past three years has exceeded 5%. That&#8217;s down from 6.4% a few years ago, while gold&#8217;s volatility has been relatively stable.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"782\" height=\"412\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvol.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Bitcoin vs. Gold-Price Volatility &amp; Drawdowns\" title=\"btcvol\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvol.png 782w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvol.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvol.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/btcvol.png 600w\" sizes=\"auto, (max-width: 782px) 100vw, 782px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Source: Bloomberg Intelligence\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0301ea8e462]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0301ea8e462'>\n     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We make a case for the digital dark horse here.<\/p>\n","protected":false},"author":1686,"featured_media":38131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[453,444],"tags":[614,565,581,3675,547,577,445],"series":[],"class_list":["post-47394","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-614","tag-bloomberg-intelligence","tag-cryptocurrency","tag-digital-asset-indices","tag-indices","tag-research","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The debate between gold bugs and Bitcoin believers over which is the better store of value will likely persist as prices for both rise. We make a case for the digital dark horse here.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold or Bitcoin? 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