According to Shenchao TechFlow, recent research indicates that while Bitcoin has scarcity and decentralization characteristics, it has not fully replaced gold as a store of value. The study found that Bitcoin has high volatility and is more like a speculative asset.
Professor Andrew Urquhart from Birmingham Business School points out that Bitcoin may outperform gold as a risk hedge in the short term, but it lacks the historical record and stability of gold. As institutional investment increases, Bitcoin may gradually develop into an asset similar to gold, but currently, the two are more complementary.
