CandleFocus Matrixport Draws Attention to Bitcoin and Gold in Its Weekly Report! Here Are the Details
2024-10-25
Author: Content Editor
The weekly report from Matrixport suggests that the increasing demand for Bitcoin and gold is driven by central banks wanting to reduce dependence on the US dollar and the rise in sovereign debt levels. The report predicts that these factors will continue to support the long-term growth of both assets, making them an attractive addition to investors' portfolios. Bitcoin and gold have both outperformed traditional assets in 2024, with Bitcoin up 59% and gold up 31%. Retail demand for gold is expanding, and central banks are buying gold as a hedge against dollar dependency. Institutional interest in Bitcoin is also growing, supported by potential Bitcoin ETF approvals and investments from companies like MicroStrategy. The report attributes the demand for both assets to global economic instability, rising government debt levels, and concerns about inflation risks. Both Bitcoin and gold can serve as protection against currency depreciation caused by money printing to manage debt repayments.
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