Bitcoin surpasses Gold in settlement volume

A well respected cryptocurrency researcher, Nic Carter, said Bitcoin has surpassed the OTC gold market in settlement volumes, even amidst a 70% drop in its price. According to the clearing statistics of the London bullion market the global gold over-the-counter (OTC) market is on track to settle $446 billion in 2018, having settled less than $30 billion on a monthly basis since January. In contrast, based on the data provided by Coin Metrics, a cryptocurrency market data provider cited by Carter, the Bitcoin market has already processed $848 billion this year and is on track to surpass $1.38 trillion by the year’s end.



Given that LBMA account for at least 70% of the global gold OTC volume, at $848 billion, Bitcoin has already settled more value in the past 8 months than the predicted settlement volume of the entire gold market in 2018. The discrepancy in the volume of the gold OTC market and the volume of Bitcoin demonstrates the mainstream has started to acknowledge and adopt Bitcoin as a premier store of value and a medium of exchange, due to its striking advantages over gold, such as fungibility, liquidity, and transportability.