{"id":3065,"date":"2020-11-18T00:00:00","date_gmt":"2020-11-18T00:00:00","guid":{"rendered":"https:\/\/xcoins.com\/blog\/will-bitcoin-devour-gold\/"},"modified":"2025-01-15T13:00:42","modified_gmt":"2025-01-15T13:00:42","slug":"will-bitcoin-devour-gold","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/will-bitcoin-devour-gold\/","title":{"rendered":"Will Bitcoin Devour Gold?"},"content":{"rendered":"\r\n<ul class=\"wp-block-list\">\r\n<li>MicroStrategy\u2019s Michael Saylor claims Bitcoin will take significant market share of Gold.<\/li>\r\n<li>J.P. Morgan produced\u00a0a chart that shows Grayscale\u2019s Trust alone holds more Bitcoin than known ETFs holding Gold.<\/li>\r\n<li>Private and public companies continue to hoard Bitcoin and this trend is expected to continue.\u00a0<\/li>\r\n<li>Hedge fund managers are bullish on Bitcoin and are flipping from precious metals.\u00a0<\/li>\r\n<li>Stanley Druckenmiller says Bitcoin could be a better bet than Gold.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>A lot of buzz has been surrounding a\u00a0<a href=\"https:\/\/twitter.com\/michael_saylor\/status\/1326177590491623426\">tweet<\/a>\u00a0made by MicroStrategy\u2019s Founder, Chairman &amp; CEO Michael Saylor in which he stated that \u201cWhen the Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold.\u201d<\/p>\r\n\r\n\r\n\r\n<p>This tweet expresses the stance that Bitcoin will end up taking Gold\u2019s market share instead of peaceful coexistence. It was tweeted in agreement with the views presented by the famous crypto bull Anthony Pompliano in his daily newsletter with the subject title \u201c<a href=\"https:\/\/pomp.substack.com\/p\/gold-vs-bitcoin-doesnt-end-in-co\">Gold vs Bitcoin Doesn&#8217;t End In Co-existence\u201d<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>In his newsletter, Pompliano started by saying that Bitcoin is\u00a0often called \u201cdigital gold\u201d which places these assets in the same basket, but this is a\u00a0flawed conclusion. He shared the following chart from\u00a0<a href=\"https:\/\/globalcrypto.tv\/wp-content\/uploads\/2020\/11\/483461013-JPM-Flows-Liquidity-2020-11-06-3551924.cleaned.pdf\">J.P. Morgan<\/a>\u00a0in which we can see that Grayscale\u2019s Bitcoin holdings alone are higher than the total known ETF holdings of Gold.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-3945\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/bitcoin-vs-gold.jpg\" alt=\"A gold Bitcoin next to a gold bar\" width=\"1000\" height=\"667\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/bitcoin-vs-gold.jpg 1000w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/bitcoin-vs-gold-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/bitcoin-vs-gold-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-number-of-companies-holding-bitcoin-continues-increasing\">Number of companies holding Bitcoin continues increasing<\/h2>\r\n\r\n\r\n\r\n<p>This\u00a0chart\u00a0doesn&#8217;t account for other public and private companies holding Bitcoin. Grayscale, the single biggest institutional holder, has around 60% of the total Bitcoin held by businesses, with other companies in sum having around 320,496 Bitcoin out of the total of 777,033 Bitcoin held by businesses.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>This trend is expected to increase with increasing adoption and demand for cryptocurrencies from institutional investors. We can conclude that the chart presented by J.P Morgan is only a partial picture of the lead Bitcoin is taking over Gold &#8211; the portion of the iceberg that is visible.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>So the question follows: Why are institutions increasing their holding activity in Bitcoin and not in Gold? This especially matters for traditional investment vehicles like Trusts and ETFs which hold underlying assets for their investors for the ease of investment.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-will-bitcoin-and-gold-coexist\">Will Bitcoin and Gold Coexist?\u00a0<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"alignnone wp-image-3948\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/cover-1024x535.jpg\" alt=\"Stack of gold Bitcoins on top of gold bars\" width=\"1024\" height=\"535\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/cover-1024x535.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/cover-300x157.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/cover-768x401.jpg 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/cover.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Both Bitcoin and Gold are viewed as a store of value, and even though Bitcoin is a blip in Gold\u2019s history it seems to attract more and more interest from institutional investors and hedge fund managers. In the midst of the 2020 turmoil and the vast uncertainty, many hedge fund managers have gone out in public saying that a good hedge against the current situation is holding gold and cryptocurrencies. Those include Mike Novogratz, Raul Pa, Ray Dalio. How are they allocating funds?\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p>Stanley made headlines in the crypto space by saying that: \u201cIf the gold bet works, the bitcoin bet will probably work better.\u201d He admitted that he definitely owns more gold than Bitcoin at the moment, but thinks that <a href=\"https:\/\/xcoins.com\/en\/blog\/bitcoin-in-the-spotlight-as-it-reaches-old-highs\/\">Bitcoin can outperform Gold<\/a> in the long run because \u201cit\u2019s thinner, more illiquid and has a lot more beta to it.\u201d<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-if-the-gold-bet-works-the-bitcoin-bet-will-probably-work-better-stanley-druckenmiller\">\u201cIf the gold bet works, the bitcoin bet will probably work better.\u201d &#8211; Stanley Druckenmiller<\/h3>\r\n\r\n\r\n\r\n<p>Stanley might just be the perfect embodiment of Michael Saylor statement because he comes from the traditional hedge fund industry and has proven his success in navigating the markets. Having said that he didn\u2019t want to buy Bitcoin in 2018, he admitted that he is a \u201cdinosaur\u201d but he \u201cwarmed up\u201d to the idea that Bitcoin could be a better investment as it had 13 years to prove its case as a store of value and might attract millennial and \u201cwest coast money\u201d.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-why-can-t-bitcoin-and-gold-co-exist\">Why can\u2019t Bitcoin and Gold co-exist?<\/h2>\r\n\r\n\r\n\r\n<p>So why can\u2019t Bitcoin and Gold co-exist? Well, they most likely will. Bitcoin won&#8217;t abolish gold and gold won&#8217;t make Bitcoin obsolete. But when it comes to investing in these assets, they attract a similar investment thesis &#8211; a contrarian one to the current monetary system. Gold bugs have traditionally been the sort of investors who believed in hard money and Austrian economics and have been very critical toward central banking.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Exactly the same qualities have been embedded in Bitcoin as in Gold, but with some saying that Bitcoin is even more finite then Gold as it truly has a finite supply. Similar investors&#8217; mindsets are in play for both assets, so this is why it is expected that Bitcoin will eventually take more of Gold\u2019s market share over time due to its various benefits. With Bitcoin, you are your own custodian of your funds and this can be the single most important selling point, as Gold usually takes third party security and vault providers to store. Furthermore, as\u00a0Druckenmiller points out, it is &#8220;thinner&#8221;, meaning it&#8217;s easier to divide and spend. Bitcoin can easily be divided and spent in tiny units known as Satoshis, while dividing a gold bar into coins to spend isn&#8217;t exactly practical or convenient.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>In addition to newcomers entering the space and increasing adoption of crypto in general, it is easy to see why Bitcoin is a better bet than gold in the future to come.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><em>To stay up to date on all things crypto, like Xcoins on\u00a0<\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Facebook<\/em><\/a>,\u00a0<em>follow us on\u00a0<\/em><a href=\"https:\/\/twitter.com\/realxcoins\"><em>Twitter<\/em><\/a><em>\u00a0and enter your email address at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy\u2019s Michael Saylor claims Bitcoin will take significant market share of Gold. J.P. Morgan produced\u00a0a chart that shows Grayscale\u2019s Trust [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":1856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[743,740],"tags":[],"class_list":["post-3065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-category","category-market-analysis-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will Bitcoin Devour Gold? | Xcoins<\/title>\n<meta name=\"description\" content=\"MicroStrategy\u2019s Founder&#039;s tweet expresses that Bitcoin will end up taking Gold\u2019s market share instead of peaceful coexistence. 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