Cryptocurrencies near big milestone vs. gold by one Wall Street firm’s count


Crypto bulls have long championed bitcoin as a modern-day replacement for gold, and by one measure, the new market is already close to surpassing bullion in that respect.

The total value of the cryptocurrency market now stands above $2 trillion, putting it on nearly equal footing with the amount of gold held for private investment purposes, according to a new report from Bernstein.

“Investors need to find return streams that can hedge debasement risk and be a diversifier of equity risk at higher levels of inflation. These assets [cryptocurrencies] might have the potential to perform that function,” the firm said Tuesday in a note to clients.

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