Eric Balchunas suggested that growing interest in gold, coupled with high volatility in Bitcoin and declining institutional interest in spot exchange-traded ETFs, could be causing traders' attention to shift to traditional financial market assets.
“The growth rate of investments in gold confidently exceeds the volume of investments in BlackRock’s IBIT Bitcoin spot fund. Probably because gold has been rising steadily recently, while Bitcoin and its financial derivatives have been struggling. And although the average volume of investments in BTC-ETFs is three times higher than the volumes of investments in gold, this is an early sign of the future depletion of investor interest in IBIT and a possible turn towards the precious metal,” says Eric Balchunas.
Cryptocurrency analyst and trader Peter Brandt does not share the opinion of the Bloomberg expert. Specialist statedthat in the 12 years since the advent of Bitcoin, the price of gold has fallen from 740 BTC to just 0.0352 BTC, which confirms the thesis of Bitcoin dominance.
Peter Brand considers Bitcoin a new standard for storing value, which can replace all paper currencies and government bonds.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
