A pile of Bitcoins
New data has revealed that Bitcoin exchange traded funds (ETFs) now hold more assets than gold ETFs.
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The data shared on X on 17 December shows that Bitcoin has reached $129.3 billion in assets compared to $128.9 billion for gold as of November this year.
Bitcoin could cause gold-leak
Bitcoin has recorded remarkable growth within just a year of getting EFT approval, and has succeeded in flipping gold’s market capitalization.
Commenting on this, co-founder and CEO of Blockcstream, Adam Back said this could lead to a gold-leak.
This is a situation in which ETF buyers would ask their brokers to sell gold and buy Bitcoin since they have similar capital pools and Bitcoin is growing much faster.
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U.S. regulators gave green light for 11 Bitcoin ETFs in January this year after many years of turned down applications.
Since then, investor confidence in the asset which has been regarded as extremely volatile and risky, has increased dramatically.
Corporate investors in particular have invested more in the asset since they don’t have to worry about managing their own Bitcoin directly.
Because of the success recorded with Bitcoin ETFs after just months of approval, there was a push for Ethereum ETFs as well, some of which have also received approval and are already trading publicly.
By selling through ETFs, crypto companies are encouraging participation in the crypto industry and increasing adoption of digital assets in ways never seen before and the trend is expected to continue.
Paying investors
The popularity of Bitcoin through Bitcoin ETFs is not surprising because the asset has proven to be worth investing in.
It is currently the asset with the highest return on investment, ahead of gold, silver, and many other much older assets.
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