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In its weekly report, Matrixport highlights that the ongoing demand for Bitcoin (BTC) and gold is driven by two major macroeconomic forces: central banks’ efforts to reduce dependence on the US dollar and the rapid increase in sovereign debt levels.
Matrixport Report Highlights Bitcoin, Gold as Major Assets Amid Global Macro Trends
The report predicts that these dynamics will continue to support the long-term growth of both assets, encouraging investors to consider including them in their portfolios. Strong Performance in 2024 So far in 2024, bitcoin and gold have significantly outperformed traditional assets. Bitcoin is up 59% this year, while gold is up 31%, outpacing returns from bond ETFs and the S&P 500 Index (+22%).
Retail demand for gold has expanded, with Costco reporting $200 million in monthly gold sales. Central banks, particularly in emerging markets, continue to buy gold to hedge against dollar dependency, underscoring the metal’s growing strategic role. Institutional Interest in Bitcoin Grows Bitcoin’s unique dual role as both a speculative asset and a store of value is increasingly being recognized.
Institutional interest is growing, supported by developments such as potential approval of spot bitcoin ETFs and large-scale investments from companies such as MicroStrategy.
Matrixport’s report highlights that some central banks are indirectly acknowledging the importance of Bitcoin by investing in companies that own BTC, such as MicroStrategy. Macroeconomic Uncertainty Drives Demand Global economic instability, rising government debt levels, and concerns about inflation risks are driving demand for both gold and bitcoin.
These assets can protect against currency depreciation, as governments may resort to printing money to manage debt repayments.
*This is not investment advice.