  Historically, gold and silver have played distinct roles in traditional
monetary systems. While gold has primarily been revered as a superior store of
value, prompting individuals to hoard it, silver has commonly been used as a
medium of exchange. As the financial world evolves, the emergence of
cryptocurrencies has introduced a new paradigm of value and exchange. However,
the store-of-value characteristic of these digital assets remains largely
uncharted. Charlie Lee, the founder of Litecoin, once likened Bitcoin to gold
and Litecoin to silver. To validate this analogy, our study employs several
metrics, including unspent transaction outputs (UTXO), spent transaction
outputs (STXO), Weighted Average Lifespan (WAL), CoinDaysDestroyed (CDD), and
public on-chain transaction data. Furthermore, we've devised trading strategies
centered around the Price-to-Utility (PU) ratio, offering a fresh perspective
on crypto-asset valuation beyond traditional utilities. Our back-testing
results not only display trading indicators for both Bitcoin and Litecoin but
also substantiate Lee's metaphor, underscoring Bitcoin's superior
store-of-value proposition relative to Litecoin. We anticipate that our
findings will drive further exploration into the valuation of crypto assets.
For enhanced transparency and to promote future research, we've made our
datasets available on Harvard Dataverse and shared our Python code on GitHub as
open source.
