www.cnbc.com Open in urlscan Pro
23.40.166.247  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Skip Navigation
Bitcoin to replace gold over next decade, says Bernstein
ShareShare Article via FacebookShare Article via TwitterShare Article via
LinkedInShare Article via Email
Markets
 * Pre-Markets
 * U.S. Markets
 * Europe Markets
 * China Markets
 * Asia Markets
 * World Markets
 * Currencies
 * Cryptocurrency
 * Futures & Commodities
 * Bonds
 * Funds & ETFs

Business
 * Economy
 * Finance
 * Health & Science
 * Media
 * Real Estate
 * Energy
 * Climate
 * Transportation
 * Industrials
 * Retail
 * Wealth
 * Sports
 * Life
 * Small Business

Investing
 * Personal Finance
 * Fintech
 * Financial Advisors
 * Options Action
 * ETF Street
 * Buffett Archive
 * Earnings
 * Trader Talk

Tech
 * Cybersecurity
 * Enterprise
 * Internet
 * Media
 * Mobile
 * Social Media
 * CNBC Disruptor 50
 * Tech Guide

Politics
 * White House
 * Policy
 * Defense
 * Congress
 * Equity and Opportunity
 * Europe Politics
 * China Politics
 * Asia Politics
 * World Politics

Video
 * Latest Video
 * Full Episodes
 * Livestream
 * Top Video
 * Live Audio
 * Europe TV
 * Asia TV
 * CNBC Podcasts
 * CEO Interviews
 * Digital Originals

Watchlist
Investing Club
 * Trust Portfolio
 * Analysis
 * Trade Alerts
 * Meeting Videos
 * Homestretch
 * Jim’s Columns
 * Education
 * Subscribe
 * Sign In

PRO
 * Pro News
 * Livestream
 * Full Episodes
 * Stock Screener
 * Market Forecast
 * Options Investing
 * Chart Investing
 * Subscribe
 * Sign In

Livestream


Menu

 * Make It
 * select
   * ALL SELECT
   
   * Credit Cards
     
     
   
   * Loans
     
     
   
   * Banking
     
     
   
   * Mortgages
     
     
   
   * Insurance
     
     
   
   * Credit Monitoring
     
     
   
   * Personal Finance
     
     
   
   * Small Business
     
     
   
   * Taxes
     
     
   
   * Help for Low Credit Scores
     
     
   
   * Investing
     
     
   
   * SELECT
   
   * All Credit Cards
   
   * Find the Credit Card for You
   
   * Best Credit Cards
   
   * Best Rewards Credit Cards
   
   * Best Travel Credit Cards
   
   * Best 0% APR Credit Cards
   
   * Best Balance Transfer Credit Cards
   
   * Best Cash Back Credit Cards
   
   * Best Credit Card Welcome Bonuses
   
   * Best Credit Cards to Build Credit
   
   * SELECT
   
   * All Loans
   
   * Find the Best Personal Loan for You
   
   * Best Personal Loans
   
   * Best Debt Consolidation Loans
   
   * Best Loans to Refinance Credit Card Debt
   
   * Best Loans with Fast Funding
   
   * Best Small Personal Loans
   
   * Best Large Personal Loans
   
   * Best Personal Loans to Apply Online
   
   * Best Student Loan Refinance
   
   * SELECT
   
   * All Banking
   
   * Find the Savings Account for You
   
   * Best High Yield Savings Accounts
   
   * Best Big Bank Savings Accounts
   
   * Best Big Bank Checking Accounts
   
   * Best No Fee Checking Accounts
   
   * No Overdraft Fee Checking Accounts
   
   * Best Checking Account Bonuses
   
   * Best Money Market Accounts
   
   * Best CDs
   
   * Best Credit Unions
   
   * SELECT
   
   * All Mortgages
   
   * Best Mortgages
   
   * Best Mortgages for Small Down Payment
   
   * Best Mortgages for No Down Payment
   
   * Best Mortgages with No Origination Fee
   
   * Best Mortgages for Average Credit Score
   
   * Adjustable Rate Mortgages
   
   * Affording a Mortgage
   
   * SELECT
   
   * All Insurance
   
   * Best Life Insurance
   
   * Best Homeowners Insurance
   
   * Best Renters Insurance
   
   * Best Car Insurance
   
   * Travel Insurance
   
   * SELECT
   
   * All Credit Monitoring
   
   * Best Credit Monitoring Services
   
   * Best Identity Theft Protection
   
   * How to Boost Your Credit Score
   
   * Credit Repair Services
   
   * SELECT
   
   * All Personal Finance
   
   * Best Budgeting Apps
   
   * Best Expense Tracker Apps
   
   * Best Money Transfer Apps
   
   * Best Resale Apps and Sites
   
   * Buy Now Pay Later (BNPL) Apps
   
   * Best Debt Relief
   
   * SELECT
   
   * All Small Business
   
   * Best Small Business Savings Accounts
   
   * Best Small Business Checking Accounts
   
   * Best Credit Cards for Small Business
   
   * Best Small Business Loans
   
   * Best Tax Software for Small Business
   
   * SELECT
   
   * All Taxes
   
   * Filing For Free
   
   * Best Tax Software
   
   * Best Tax Software for Small Businesses
   
   * Tax Refunds
   
   * Tax Brackets
   
   * Tax Tips
   
   * Tax By State
   
   * Tax Payment Plans
   
   * SELECT
   
   * All Help for Low Credit Scores
   
   * Best Credit Cards for Bad Credit
   
   * Best Personal Loans for Bad Credit
   
   * Best Debt Consolidation Loans for Bad Credit
   
   * Personal Loans if You Don’t Have Credit
   
   * Best Credit Cards for Building Credit
   
   * Personal Loans for 580 Credit Score or Lower
   
   * Personal Loans for 670 Credit Score or Lower
   
   * Best Mortgages for Bad Credit
   
   * Best Hardship Loans
   
   * How to Boost Your Credit Score
   
   * SELECT
   
   * All Investing
   
   * Best IRA Accounts
   
   * Best Roth IRA Accounts
   
   * Best Investing Apps
   
   * Best Free Stock Trading Platforms
   
   * Best Robo-Advisors
   
   * Index Funds
   
   * Mutual Funds
   
   * ETFs
   
   * Bonds

 * USA
 * INTL

 * Livestream

Search quotes, news & videos
 * Livestream

Watchlist

SIGN IN
Create free account
Bitcoin to replace gold over next decade, says Bernstein
ShareShare Article via FacebookShare Article via TwitterShare Article via
LinkedInShare Article via Email
Markets
Business
Investing
Tech
Politics
Video
Watchlist
Investing Club
PRO
Livestream


Menu



BITCOIN TO REPLACE GOLD OVER NEXT DECADE, SAYS BERNSTEIN

Published Thu, Dec 5 20247:30 AM ESTUpdated Thu, Dec 5 20248:45 AM EST
Hakyung Kim@in/hakyungkim/@hakyungkim_
WATCH LIVE
ShareShare Article via FacebookShare Article via TwitterShare Article via
LinkedInShare Article via Email
Bernstein thinks bitcoin could eventually replace the role of gold. “We expect
Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually
replacing Gold over the next decade, and becoming a permanent part of
institutional multi-asset allocation and a standard for corporate treasury
management,” analyst Gautam Chhugani wrote in a note Thursday. The comments come
after bitcoin hit $100,000 for the first time, adding to its monster 2024 gains.
Year to date, the digital currency is up 141%. A chunk of those gains have come
since the Nov. 5 U.S. election, with investors betting the incoming Trump
administration will be more friendly to the crypto industry. Bernstein sees
bitcoin reaching $200,000 in late 2025. Chhugani is not the only analyst who
thinks bitcoin can play a bigger role in the economy. D.A. Davidson’s Gil Luria
wrote that he sees “Bitcoin’s main current application as a store of value — an
appreciating, low-correlation asset that replaces gold as a hedge against a
decline in economic stability.” Although bitcoin prices currently show a low
correlation to a rise in inflation as well as a high association to other risk
assets — unlike gold, which is viewed as a safe-haven asset and an inflation
hedge — Luria believes bitcoin is “mostly driven by adoption,” which he cites as
being “loosely linked” to what drives the markets. Employment, regulation, tax
policy and globalization were some of the factors the analyst noted. To be sure,
there is still a long path ahead before bitcoin will be widely accepted as a
medium of exchange and unit of account, said Luria.

More in Pro

 1. Loop Capital upgrades Shopify, says investors underappreciate the e-commerce
    giant’s AI capabilities
    
 2. Goldman Sachs upgrades Robinhood to buy after brokerage outlines ambitious
    growth plan
    
 3. This chip stock could be ready for a catch-up trade with Nvidia, according
    to the charts
    
 4. Macquarie’s top picks for 2025 span Korea, Japan and Hong Kong — and all get
    over 50% upside
    
 5. Bitcoin hit $100,000. Here’s what’s next if you’re holding the crypto in
    your portfolio
    


MORE IN CRYPTO INVESTING

Bitcoin will double to $200,000 by the end of 2025, says Standard Chartered
Hakyung Kim
Ether could be crypto’s biggest Trump 2.0 beneficiary, after investors nearly
abandoned it this year. Here’s why
Tanaya Macheel
The case for altcoins and memes as bitcoin, now approaching $100,000, faces a
potential correction
Tanaya Macheel
Read More


 * 
 * 
 * 
 * 
 * 
 * 
 * 


 * Subscribe to CNBC PRO
 * Subscribe to Investing Club
 * Licensing & Reprints
 * CNBC Councils
 * Supply Chain Values
 * CNBC on Peacock
 * Join the CNBC Panel
 * Digital Products
 * News Releases
 * Closed Captioning
 * Corrections
 * About CNBC
 * Internships
 * Site Map
 * Ad Choices
 * Careers
 * Help
 * Contact

 * NEWS TIPS
   
   Got a confidential news tip? We want to hear from you.
   
   Get In Touch

 * CNBC NEWSLETTERS
   
   Sign up for free newsletters and get more CNBC delivered to your inbox
   
   Sign Up Now
   
   Get this delivered to your inbox, and more info about our products and
   services.

 * ADVERTISE WITH US
   
   Please Contact Us

 * Privacy Policy
 * Cookie Notice
 * CA Notice
 * Terms of Service

© 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global
Business and Financial News, Stock Quotes, and Market Data and Analysis.

Market Data Terms of Use and Disclaimers

Data also provided by






COOKIE NOTICE

This Cookie Notice (“Notice”) explains how NBCUniversal and its affiliates
(“NBCUniversal” or “we”), along with our partners, including advertisers and
vendors, use cookies and similar tracking technologies when you use our
websites, applications, such as games, interactive TV, voice-activated
assistants, and other services that link to this policy, as well as connected
devices, including those used in our theme parks (“Services”). This Notice
provides more information about these technologies, your choices, and is part of
the NBCUniversal Privacy Policy available here. You should read the Privacy
Policy and this Notice for a full picture of NBCUniversal’s use of your
information.

WHAT ARE COOKIES AND HOW ARE THEY USED?

Like many companies, we use cookies (small text files placed on your computer or
device) and other tracking technologies on the Services (referred to together
from this point forward as “Cookies”, unless otherwise stated), including HTTP
cookies, HTML5 and Flash local storage/flash cookies, web beacons/GIFs, embedded
scripts, ETags/cache browsers, and software development kits.

First-party Cookies

First-party Cookies are placed by us (including through the use of third-party
service providers) and are used to allow you to use the Services and their
features and to assist in analytics activities.

Third-party Cookies

Certain third parties may place their Cookies on your device and use them to
recognize your device when you visit the Services and when you visit other
websites or online services. These third parties collect and use this
information pursuant to their own privacy policies. Third-party Cookies enable
certain features or functionalities, and advertising, to be provided on the
Services.

Types of Cookies

The Services use the following types of first and third-party Cookies for these
purposes:

Strictly Necessary Cookies: These Cookies are required for Service
functionality, including for system administration, security and fraud
prevention, and to enable any purchasing capabilities. You can set your browser
to block these Cookies, but some parts of the site may not function properly.

Information Storage and Access: These Cookies allow us and our partners to store
and access information on the device, such as device identifiers.

Measurement and Analytics: These Cookies collect data regarding your usage of
and performance of the Services, apply market research to generate audiences,
and measure the delivery and effectiveness of content and advertising. We and
our third-party vendors use these Cookies to perform analytics, so we can
improve the content and user experience, develop new products and services, and
for statistical purposes. They are also used to recognize you and provide
further insights across platforms and devices for the above purposes.

Personalization Cookies: These Cookies enable us to provide certain features,
such as determining if you are a first-time visitor, capping message frequency,
remembering choices you have made (e.g., your language preferences, time zone),
and assist you with logging in after registration (including across platforms
and devices). These Cookies also allow your device to receive and send
information, so you can see and interact with ads and content.

Content Selection and Delivery Cookies: Data collected under this category can
also be used to select and deliver personalized content, such as news articles
and videos.

Ad Selection and Delivery Cookies: These Cookies are used to collect data about
your browsing habits, your use of the Services, your preferences, and your
interaction with advertisements across platforms and devices for the purpose of
delivering interest-based advertising content on the Services and on third-party
sites. Third-party sites and services also use interest-based Advertising
Cookies to deliver content, including advertisements relevant to your interests
on the Services and third-party services. If you reject these Cookies, you may
see contextual advertising that may be less relevant to you.

Social Media Cookies: These Cookies are set by social media platforms on the
Services to enable you to share content with your friends and networks. Social
media platforms have the ability to track your online activity outside of the
Services. This may impact the content and messages you see on other services you
visit.

We and third parties may associate Measurement And Analytics Cookies,
Personalization Cookies, Content Selection, Delivery Cookies, and Reporting, Ad
Selection, Delivery and Reporting Cookies, and Social Media Cookies with other
information we have about you.

COOKIE MANAGEMENT

Depending on where you live, you may be able to adjust your Cookie preferences
at any time via the “Cookie Settings” link in the footer of relevant websites.
You can also use the methods described below to manage Cookies. You must take
such steps on each browser or device that you use. If you replace, change or
upgrade your browser or device, or delete your cookies, you may need to use
these opt-out tools again. As some Cookie-management solutions also rely on
Cookies, please adjust your browser Cookie settings carefully, following the
relevant instructions below.

Browser Controls: You may be able to disable and manage some Cookies through
your browser settings. If you use multiple browsers on the same device, you will
need to manage your settings for each browser. Please click on any of the below
browser links for instructions:

Google Chrome
Apple Safari
Mozila Firefox
Microsoft Internet Explorer

If the browser you use is not listed above, please refer to your browser’s help
menu for information on how to manage Cookies. Please be aware that disabling
cookies will not disable other analytics tools we may use to collect information
about you or your use of our Services.

Analytics Provider Opt-Outs: To disable analytics Cookies you can use the
browser controls discussed above or, for some of our providers, you can use
their individual opt-out mechanisms:

Google’s Privacy Policy and Google Analytics Opt-Out
Omniture’s Privacy Policy and Omniture’s Opt-Out
Mixpanel’s Privacy Policy and Mixpanel’s Opt-Out

The above are examples of our analytics providers and this is not an exhaustive
list. We are not responsible for the effectiveness of any other providers’
opt-out mechanisms.

Flash Local Storage: These cookies are also known as local shared objects and
may be used to store your preferences or display content by us, advertisers and
other third-parties. Flash cookies need to be deleted in the storage section of
your Flash Player Settings Manager.

Interest-Based Advertising: Most third-party advertisers offer a way to opt out
of their interest-based advertising. For more information or to opt out of
receiving interest-based advertising from participating third-party advertisers,
depending on your country of residence, please visit:

Digital Advertising Alliance in the US
Digital Advertising Alliance of Canada
European Interactive Digital Advertising Alliance
Australian Digital Advertising Alliance

You can also opt out of some of the advertising providers we use by visiting
their opt-out pages:

Google’s Privacy Policy and Google Analytics Opt-Out Page
Facebook Privacy Policy and Facebook’s Opt-Out Page
Twitter Privacy Policy and Twitter’s Opt-Out Page
Liveramp’s Privacy Policy and Liveramp Opt-Out Page

These are examples of our advertising providers and this is not an exhaustive
list. In addition, we are not responsible for the effectiveness of any of these
providers’ opt-out mechanisms.

After you opt out, you will still see advertisements, but they may not be as
relevant to you.

Mobile Settings: You may manage the collection of information for interest-based
advertising purposes in mobile apps via the device’s settings, including
managing the collection of location data. To opt out of mobile ad tracking from
Nielsen or other third parties, you can do so by selecting the “Limit Ad
Tracking” (for iOS devices) or “Opt out of Ads Personalization” (for Android
devices) options in your device settings.

Connected Devices: For connected devices, such as smart TVs or streaming
devices, you should review the device’s settings and select the option that
allows you to disable automatic content recognition or ad tracking. Typically,
to opt out, such devices require you to select options like “limit ad tracking”
or to disable options such as “interest-based advertising,” “interactive TV,” or
“smart interactivity”. These settings vary by device type.

Cross-Device Tracking: If you would like to opt out of our browser-based
cross-device tracking for advertising purposes, you may do so by using the
various methods described above. You must opt out separately on each device and
each browser that you use. For more information about cross-device matching,
please visit the Network Advertising Initiative or the Digital Advertising
Alliance. If you opt out of cross-device tracking for advertising purposes, we
may still conduct cross-device tracking for other purposes, such as analytics.

Consequences of Deactivation of Cookies: If you disable or remove Cookies, some
parts of the Services may not function properly. Information may still be
collected and used for other purposes, such as research, online services
analytics or internal operations, and to remember your opt-out preferences.



CONTACT US

For inquiries about this Cookies Notice, please contact us at Privacy@nbcuni.com
or Chief Privacy Officer, NBCUniversal Legal Department, 30 Rockefeller Plaza,
New York, NY 10112, US.

For inquiries from users who reside in the European Economic Area, the United
Kingdom or Switzerland, please contact us at Privacy@nbcuni.com or Privacy,
Legal Department, Central Saint Giles, St Giles High Street, London, WC2H 8NU,
UK

CHANGES TO THIS NOTICE

This Notice may be revised occasionally and in accordance with legal
requirements. Please revisit this Cookie Notice regularly to stay informed about
our and our analytic and advertising partners’ use of Cookies.

STRICTLY NECESSARY COOKIES

Always Active

These Cookies are required for Service functionality, including security and
fraud prevention, and to enable any purchasing capabilities. You can set your
browser to block these Cookies, but some parts of the site may not function
properly.

Back Button


COOKIE LIST



Search Icon
Filter Icon

Clear
checkbox label label
Apply Cancel
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label

Close