Currently, Bitcoin ETFs have reached $27.5 billion overshadowing silver and targeting gold which is the current king of the commodity market for ETfs. This quick growth signifies the Bitcoin adoption of classic investors.
Adam Back, CEO of Blockstream had earlier predicted this great move from Bitcoin.
BlackRock’s iShares Bitcoin Trust (IBIT) has been the pioneer, achieving $1 billion in inflows while the market is still volatile. This increase exceeds even these already well-established gold ETF, which demonstrates growing demand for cryptocurrency investment.
Although the future is still unclear, Bitcoin’s ETF launch has been nothing short of sensational, changing the investment world and presenting formidable competition for gold.
Also read: Howard Marks Doubts Bitcoin, Favors Bonds Over Crypto