Bitcoin Isn’t Digital Gold… Or At Least Not Yet, Anyway

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Crypto enthusiasts have long touted bitcoin as digital gold, but an analysis of the cryptocurrency’s performance versus those of other assets shows that it hasn’t really earned that status yet. One thing that’s still lacking is a widespread market perception of crypto assets as a store of value. Cryptocurrencies remain a minuscule part of the global financial markets, with a total market capitalization of $1.1 trillion as of August, a significant decline from their record market cap of $3 trillion. The crypto markets are only about 2.5% of the total U.S. equity market cap. Q3 2022 hedge fund l…

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