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.
Crypto has gone mainstream amid support from…