In a recent analysis, a Coinbase expert suggests that Bitcoin's role as 'digital gold' could appeal to a fresh set of investors amid a surge in gold prices driven by inflation concerns and increased central bank buying. The analyst, David Han, believes that despite crypto's recent slump due to the Federal Reserve's cautious stance on rate cuts, Bitcoin could see more aggressive buying during price dips as it gains acceptance as a store of value similar to gold.

Han highlights the potential for Bitcoin to attract institutional capital, particularly with the anticipated introduction of US spot Bitcoin exchange-traded funds (ETFs), which could help reduce volatility in the market. He also points out two positive indicators for Bitcoin: growing institutional involvement and the upcoming Bitcoin halving event, expected around April 20-21.

The increasing participation of institutional investors is evident in the soaring open interest in CME Bitcoin futures, which now exceeds that of any single centralized exchange. Han sees this shift in market structure, combined with the impending halving event, as favorable factors for Bitcoin's performance in the second quarter of the year.

Looking ahead, Han and David Duong, Head of Research at Coinbase, anticipate a boost in the crypto market in Q2, driven by the influence of spot Bitcoin ETFs and the halving event. While the halving event could potentially lead to price increases, Han acknowledges that it may coincide with the usual seasonal slowdown in crypto markets and other risk assets.

Bitcoin's growing credibility is underscored by the recent addition of four major Wall Street players as authorized participants for BlackRock’s Bitcoin ETF, indicating a heightened interest from key financial institutions in the cryptocurrency market.

In conclusion, the analysis suggests that Bitcoin's emergence as 'digital gold' presents an opportunity to attract a new subset of investors, particularly as easier access through spot Bitcoin ETFs and the upcoming halving event could contribute to its market resilience and potential price appreciation.