Bitcoin and Gold Finally Share a Benchmark — Because One Store-of-Value Narrative Wasn't Confusing Enough

MarketVector Indexes and Coinbase Asset Management have launched a new index tracking both Bitcoin and tokenized gold, because apparently one asset class wasn't chaotic enough for investors. The companies unveiled the Coinbase Store of Value Index on Thursday, which tracks Bitcoin ($BTC) and Pax Gold (PAXG) — one of the largest gold-backed tokens. The index is designed as a benchmark combining digital assets with traditional store-of-value instruments, because why choose between digital mooning and shiny metal when you can have both in one glorified spreadsheet?

Bitcoin and gold are weighted using an inverse volatility model, meaning lower-volatility assets receive a higher allocation. The benchmark is rebalanced quarterly and calculated as a price-return index in US dollars. So basically, whoever trembles less gets more screen time — very egalitarian, very chaotic energy, very on-brand for crypto.

Pax Gold, which tracks the price of physical gold, has a market capitalization of roughly $2.5 billion, according to CoinMarketCap. That's a lot of digital gold for a coin nobody talks about at parties, yet here it is, getting its own benchmark alongside the original cryptocurrency.

MarketVector is a Europe-based regulated benchmark administrator with a background in traditional indexing, though it has expanded into digital assets through products such as the MarketVector Digital Assets 100 Index and the Coinbase 50 Index. Basically, these are the people who made boring spreadsheets for a living and decided to get into the chaos business.

The launch reflects an evolving definition of "store of value" that extends beyond gold to include $BTC. Bitcoin has long been viewed as a potential store of value, underpinned by its strong long-term performance relative to traditional assets and its perceived hedge against inflation. Translation: Bitcoin believers think it's digital gold, gold maximalists think gold is still gold, and everyone agrees something should hodl value — just not which thing.

However, that narrative has faced pressure over the past year, as Bitcoin has at times traded more like a risk asset — often moving in tandem with equities, particularly in the technology sector. In other words, Bitcoin has been acting less like a safe haven and more like a tech stock that forgot to take its anxiety medication during macro turbulence.

Research from Grayscale Investments found that Bitcoin has behaved more like a growth stock than a traditional store of value amid ongoing macroeconomic and geopolitical uncertainty. Investors have also noted diminishing returns, with gold outperforming the biggest digital asset in 2025. Ouch. Nothing says "hedge" like getting outperformed