Did Bitcoin Reinforce the “Digital Gold” Role?

“Bitcoin itself has consolidated its role as a store of value or digital gold,” said Michael Sonnenschein, Managing Director of Grayscale Investments.

The manager of the world’s largest Bitcoin fund previously announced that institutions now see Bitcoin as “a part of other things that serve bonds, gold, or that capacity.” While this is not a broad narrative, people see it increasingly differently. After the Fed announced there was no upper limit on printing dollars to support the economy in the light of the chaos caused by the coronavirus pandemic, Bitcoin’s price increased with gold, the safe haven asset.

Twitter user The tieAccording to the data announced by,, gold was the most used word in Bitcoin tweets, and 63 percent of these tweets provided positive messages. The word digital, however, was the third most used word, with 65 percent positive. As a digital gold narrative, according to The Tie, Bitcoin once again started gaining significant power.

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Gold was the most used word in Bitcoin tweets, 63% of those tweets were positive. Digital was the third most used word with 65% of tweets being positive.

The bitcoin as a digital gold narrative has begun to gain significant traction once again. pic.twitter.com/lpun6ds8yy

– The TIE (@TheTIEIO) March 25, 2020

Interestingly, the mention of gold in Bitcoin titles is also approaching the all-time high.

Is Bitcoin Digital Gold?

Bitcoin’s value as digital gold was the main driver of last year’s price. However, the word “gold” in Bitcoin titles had reached the lowest level in two years in October 2019. Although the belief that “Bitcoin is digital gold” decreased when it lost 60 percent of its BTC value; The narrative seems to have reappeared as the leading cryptocurrency moves towards recovery in the midst of the global epidemic.

Also, Tie had previously noted a strong correlation between Bitcoin and gold futures sentiment in March.