The connection between gold and [Bitcoin](http://pubads.g.doubleclick.net/gampad/clk?id=5703293170&iu=/7138/FXS30) (BTC) as stores of value is obvious, and the demand for BTC as a digital store of value was a big reason why the cryptocurrency grew in popularity, crypto services provider Matrixport said in a report Monday.Bitcoin’s market capitalization is $540 billion, equivalent to 10.8% of the market cap of physical financial gold, Matrixport said, adding that gold exchange-traded-funds (ETFs) are valued at $200 billion.This is why potential approval by the Securities and Exchange Commission (SEC) of a U.S.-listed spot bitcoin ETF could result in inflows of $20 – $30 billion, potentially triggering a large rally in the cryptocurrency, the report said.The SEC has dragged its heels on approving a spot bitcoin ETF, and in August said it was delaying its decision on all new applications until October.The [crypto](http://pubads.g.doubleclick.net/gampad/clk?id=5703845201&iu=/7138/FXS30) market is hopeful that such an approval will trigger a flood of mainstream money into the sector.Still, bitcoin has an edge over gold as the private keys can be memorized, which eliminates the risk of confiscation, the report said.“Even today, storing assets in the form of gold has not only become unfashionable in the digital age, but comes with significant restrictions when crossing borders,” wrote Markus Thielen, head of research at Matrixport, adding that “bitcoin offers a solution to this dilemma, enabling the swift and relatively inconspicuous movement of value across borders.” “Therefore, considering the current state of technological developments, bitcoin’s primary roles are likely as a store of value akin to gold and a speculative financial asset,” the report added.All writers’ opinions are their own and do not constitute financial advice in any way whatsoever.
Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities.CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [Aptos price braces for volatility as $23.85 million worth of APT due to flood markets in a cliff unlock](https://www.fxstreet.com/cryptocurrencies/news/aptos-price-braces-for-volatility-as-2385-million-worth-of-apt-due-to-flood-markets-in-a-cliff-unlock-202310080819) [](https://www.fxstreet.com/cryptocurrencies/news/aptos-price-braces-for-volatility-as-2385-million-worth-of-apt-due-to-flood-markets-in-a-cliff-unlock-202310080819) Aptos price has not shown any directional bias for almost 1.5 months now, juggling between a fixed market range.However, investors have been active in responding to developments in the Apto ecosystem, and this could intensify this week as community members prepare for another event on the calendar.
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[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies/news) [Bitcoin: BTC bearish fractal forecasts correction to $25,000](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127) Bitcoin (BTC) price hovers around $27,600 and shows no directional bias on the daily chart.Liquidity pockets are present in both directions, leaving traders guessing where BTC will go next.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127).