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People Trust Cryptocurrencies over Gold, Says Wall Street 'Dean of Valuation'
A renowned finance expert has issued new comments on the valuation and possible impact of bitcoin and cryptocurrencies.
Автор Wolfie Zhao
Cryptocurrencies are quickly becoming a preferred alternative to gold for people who don't trust traditional fiat currencies, according to Aswath Damodaran, a professor of finance at the NYU's Stern School of Business.
A specialist in corporate finance and equity valuation, Damodaran is often cited by media as the "Dean of Valuation" on Wall Street.
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It's against this backdrop that the finance expert recently remarked that cryptocurrencies could eventually replace gold or emerge as an alternative to legal currencies issued by central authorities.
"If you don't trust paper currency, historically what you've done is you dumped paper currencies [and] you bought gold," he said in the interview.
Damodaran told CNBC:
"Cryptocurrencies have taken the role of gold at least for younger investors, because they don't trust paper currencies."
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As reported by CoinDesk, the price of bitcoin surpassed the value of an ounce of gold for the first time in March, and has steadily traded above this mark for much of the time since.
Image via Aswath Damodaran/YouTube
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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