Bitcoin at $63,000: Gold better watch out!

Bitcoin, nearing 60,000 dollars yesterday, reminded us of its recent record high of 69,000 dollars. A performance that leaves little way to go to surpass the peaks of November 2021. In the wake of this rise, the Bitcoin ETF also stands out, now representing more than half the size of Gold ETFs.

Bitcoin ETFs Closing in on Gold ETFs: New Peak at $63,000

On November 28, bitcoin began a significant push by starting the day at 57,000 dollars, then hovering around 60,000 dollars, and reaching a peak of 63,636 dollars at 8:20 PM UTC+3. Such an event has not escaped the media and analysts, all attentive observers of this new bullish movement, as evidenced by etfdb.com, whose data on the Bitcoin ETFs have been relayed by Crypto Briefing.

The rise of Bitcoin ETFs continues to defy expectations, now exceeding half the size of gold ETFs, as the price of bitcoin crosses the 63,000 dollar mark.

Approved by the SEC seven weeks ago, the BTC ETFs have generated unprecedented excitement in the financial market. Data from etfdb.com show that the managed assets of Bitcoin ETFs in the U.S. now represent 51.5% of the size of gold ETFs, thus setting a new record.

With 92.1 billion dollars invested in 19 gold ETFs in the United States and over 746,600 BTC held by Bitcoin ETFs, bitcoin’s dominance in the financial market is undeniable.

This tremendous progression comes after bitcoin reached a peak of 63,636 dollars today, illustrating the growing confidence of investors in this cryptocurrency as a viable and profitable asset.

The Leading Crypto Ready to Dethrone Gold, Experts Predict

Gold's Pain is Bitcoin ETFs' Gain in Store of Value Smackdown.. new from me on how gold being in the gutter is like the cherry on top for bitcoin fans who just got to witness the biggest ETF launch ever. Decent chance bitcoin ETFs pass gold ETFs in aum in less than 2yrs w… pic.twitter.com/rXJra1dyhF

— Eric Balchunas (@EricBalchunas) February 26, 2024

According to Eric Balchunas from Bloomberg, bitcoin funds could outpace gold within the next two years if the current growth trend continues.

Larry Fink, CEO of BlackRock, echoes the sentiment, calling bitcoin the « digital gold », a hedge against monetary devaluation and inflation.

In a viral speech on YouTube, Cathie Wood, CEO of ARK Invest, also predicts that Bitcoin could surpass gold as a safe haven value. She highlights Bitcoin’s 40% rise during last year’s banking crisis, in stark contrast to the faltering of regional banks.

Wood attributes this trend to a « flight to quality », where investors turn to Bitcoin in times of uncertainty. Despite a temporary dip post-launch of the BTC ETFs, she insists on the bullish trend of the top cryptocurrency compared to gold, favored by increasing accessibility and lower barriers to entry.