Bitcoin has an edge over gold, according to Matrixport.

A report by crypto services provider Matrixport has asserted that Bitcoin is a better store of value than gold, given its increasing market capitalization and digital nature. The report compared Bitcoin's market capitalization, currently at $540 billion, to the market cap of physical financial gold, equating to 10.8% of gold's value. Matrixport noted that gold exchange-traded funds (ETFs) are valued at $200 billion.

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While both Bitcoin and gold are considered stores of value, Bitcoin has gained popularity for its digital store of value. Matrixport suggested that if the U.S. Securities and Exchange Commission (SEC) were to approve spot Bitcoin ETFs, it could lead to inflows of $20 to $30 billion, potentially triggering a significant rally in the cryptocurrency market. However, the SEC has been cautious in approving such ETFs, delaying its decision until October to allow for a comprehensive review of the proposals and related concerns.

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The delay has affected major players in the space, including Valkyrie, Fidelity, Invesco, and WisdomTree, which are awaiting the SEC's verdict on their respective Bitcoin ETF proposals. Nevertheless, more applications continue to be submitted to the SEC. In September, investment firm Franklin Templeton filed for a Bitcoin ETF that would track Bitcoin's price as its underlying asset. Additionally, the District of Columbia Court of Appeals overturned the SEC's initial denial of Grayscale's Bitcoin ETF application.

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The crypto industry eagerly awaits the SEC's decision, as approval is expected to attract substantial mainstream investment into the sector. The report also highlighted how Bitcoin has an advantage over gold, as private keys can be memorized, eliminating the risk of confiscation. In the current technological landscape, Bitcoin is seen primarily as a store of value similar to gold and a speculative financial asset, according to Matrixport.