Since the fourth quarter, Bitcoin has risen by more than 70%. In contrast, gold fell more than 6% during the same period. Skew data shows that Bitcoin has shown signs of decoupling from gold, and the correlation between the two has begun to weaken.
Cryptopotato pointed out that in the past few months, the argument that BTC has begun to replace gold has become more popular. According to a report released by JPMorgan Chase last month, Bitcoin may grow further because it has begun to compete with gold in the interests of institutional investors.
In this regard, Rick Rieder, chief investment officer of BlackRock, the world’s largest asset management company, expressed similar views. Rick Rieder revealed that Bitcoin and cryptocurrencies will continue to exist. Although he has not invested in BTC, he believes that Bitcoin can “substantially replace gold.”
Grayscale is at the forefront of pushing Bitcoin to the mainstream market and surpassing gold. On the one hand, the company continues to increase its holdings of crypto assets such as Bitcoin, and on the other hand, it encourages investment to replace gold with BTC.
According to Grayscale’s tweet, the company released an anti-gold ad “Drop Gold” after the price of Bitcoin rose to a record high, and plans to re-launch the ad on all major television networks in the United States. Previously, Grayscale had launched the Drop Gold event in May 2019. In this regard, Michael Sonnenshein, managing director of Grayscale, said that this advertisement is intended to encourage investors to allocate their gold reserves into Bitcoin.
With the gradual deepening of the recognition of Bitcoin by grayscale and other institutional investors, the number of new Bitcoin addresses has risen sharply. According to Santiment data, in the past two weeks alone, there were 44 new addresses with over 1,000 BTC, and 820 new addresses with 10 to 1,000 BTC.
It should be noted that while the number of large Bitcoin addresses has increased, small wallets representing retail investors have decreased. The data shows that during the same period, the number of addresses with 0.1-10 BTC has decreased by 40,000.
