The Bitcoin-to-gold ratio has fallen from 33 ounces in March to 24 ounces in September, indicating a decline in Bitcoin's value relative to gold. This is partly due to a sell-off in risk assets, but also highlights the strong performance of gold, which has seen increased demand from central banks diversifying their reserves. Central banks in emerging markets in particular have been accumulating gold, even in the face of high interest rates. On the other hand, Bitcoin lacks institutional support and stability sought by central banks, although some companies, like Metaplanet and Semler Scientific, have started accumulating Bitcoin as a hedge against global instability. These companies have seen their stock prices correlate with Bitcoin's performance. While more companies are interested in Bitcoin as an investment opportunity, central banks remain concerned about its volatility and prefer the stability of gold.



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