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Matrixport, in its weekly report published on October 25, noted that the recent surge in demand for Bitcoin 
$106,552 and gold is supported by two major macro trends. These trends include central banks worldwide moving away from reliance on the US dollar and increasing government debts. These factors are expected to accelerate the growth of gold and Bitcoin in the long term.
Central Banks’ Strategic Shift
According to the Matrixport report, gold has appreciated by 31% and Bitcoin by 59% in 2024, indicating that both assets are strong investment tools. This performance has outpaced traditional investment options like bond ETFs and the S&P 500, which yielded 22%. Individual demand for gold has also increased; for instance, Costco sells approximately $200 million worth of gold each month. Moreover, central banks, especially in emerging markets, continue to boost their gold reserves to reduce dependence on the US dollar. Countries like China are increasingly turning to gold amid rising geopolitical risks and issues associated with dollar dependency.
Matrixport emphasized the importance of gold and Bitcoin for portfolio diversification in reports titled “Central Banks Are Buying Gold, Is Bitcoin Next?” and “Bitcoin Is Better Than Digital Gold.” In this context, it is recommended that investors consider these assets to bolster resilience against global economic conditions.
Increasing Role of Bitcoin in the Financial Ecosystem
Bitcoin has gained significance not only as a speculative asset but also as a store of value. The rise in institutional interest, exemplified by the approval of spot Bitcoin ETFs and substantial investments from companies like MicroStrategy, has contributed to Bitcoin’s growing importance in the financial ecosystem. Furthermore, the investment by central banks in Bitcoin-focused companies like MicroStrategy indirectly acknowledges the rising importance of Bitcoin.
Concerns over global economic instability, rapidly increasing government debt levels, and potential inflation risks are other factors fueling demand for both gold and Bitcoin. Given that governments may need to print more money to cover rising debts, these two assets provide a hedge against inflation. According to Matrixport, investors who added Bitcoin and gold to their portfolios this year have seen high returns and are expected to benefit from long-term trends.
Matrixport also highlights the increasing popularity of gold-backed tokens. These tokens emerge as blockchain alternatives to traditional gold investments and contribute to rising demand for gold and Bitcoin during periods of economic uncertainty.
