TechFlow news, July 21 — According to Decrypt, the latest academic research shows that although Bitcoin is often referred to as "digital gold" and possesses characteristics of scarcity and decentralization, it has not yet fully replaced gold as a store of value. The study found that Bitcoin exhibits high volatility and behaves differently from traditional safe-haven assets, making it more similar to a speculative asset. Andrew Urquhart, Professor of Finance at Birmingham Business School, pointed out that while Bitcoin may outperform gold as a short-term hedge against risks, it lacks the historical track record, stability, and crisis-tested resilience of gold. As institutional investment grows and the market matures, Bitcoin may gradually evolve into an asset more akin to gold, but for now, the two are more complementary than substitutive.
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