Bitcoin Set to Replace Gold as the Top ‘Store of Value’ in the Next Decade: Bernstein

According to a report by brokerage firm Bernstein, Bitcoin is poised to replace gold as the primary “store of value” within the next decade. Analyst Gautam Chhugani highlighted Bitcoin’s rapid growth, fueled by optimism surrounding U.S. policy shifts under a potential Trump administration.

#BITCOIN TO REPLACE GOLD OVER NEXT DECADE, SAYS BERNSTEIN

Bernstein predicts Bitcoin will replace gold as the leading ‘store of value’ over the next decade, becoming integral to institutional and corporate finance. Analyst Gautam Chhugani’s note followed Bitcoin reaching…

— *Walter Bloomberg (@DeItaone) December 5, 2024

Bernstein is not alone in predicting that Bitcoin (BTC) will eventually surpass gold as a dominant store of value. The view is echoed by other industry leaders, such as Brendan Blumer, CEO of Block.one. In March 2019, Blumer predicted that BTC could replace gold as a leading store of value by 2039, highlighting its long-term potential.

The cryptocurrency recently crossed $100,000, achieving a remarkable 141% annual increase.

Bitcoin’s Comparisons to Gold

While some analysts focus on Bitcoin’s ability to rival gold, others emphasize its unique qualities. Gil Luria of D.A. Davidson described Bitcoin as a low-inflation-correlated, appreciating asset that stands apart from gold. He noted that BTC’s value is driven more by its adoption and acceptance rather than traditional economic factors.

However, Luria acknowledged that significant development is still needed for Bitcoin to function as a mainstream medium of exchange and unit of account.

Further reinforcing the comparison between Bitcoin and gold, Federal Reserve Chair Jerome Powell shared his perspective at the New York Times DealBook Summit on Wednesday. He described Bitcoin as digital gold that functions as a speculative asset, distinguishing it from the U.S. dollar.

Altcoins and Stocks Join the Rally

Bitcoin’s rally has driven up the value of other cryptocurrencies and stocks. Ether (ETH) climbed to $3,944 on Thursday, nearing its March high of $4,090, though still below its all-time peak of $4,890 from November 2021.

Meanwhile, Coinbase (COIN) shares jumped 4%, while MicroStrategy (MSTR), known for its significant Bitcoin holdings, surged over 8%, as per Google Finance.

Among Bitcoin miners, Bitdeer (BTDR) led gains with a 17% rise, followed by Hut 8 (HUT) and CleanSpark (CLSK), both up around 10%. Riot (RIOT) also advanced over 8%, while Marathon Digital (MARA), Iris Energy (IREN), and Bit Digital (BTBT) gained between 5% and 7%.