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Bloomberg Strategists: Bullish on Bitcoin in a Favorable Comparison Against Gold

Sara Zhang

Summary: In Bloomberg Crypto Outlook released on February 2021, Bloomberg Strategists highlighted the substantial inflows towards BTC, while gold ETFs have stalled in attracting fresh funds. They explored the performance of Grayscale’s Bitcoin Trust (GBTC) and all exchange-traded funds (ETFs) that follow gold. With GBTC’s AUM growing above $24 billion, as reported recently, it represents11.4% of the ...

In Bloomberg Crypto Outlook released on February 2021, Bloomberg Strategists highlighted the substantial inflows towards BTC, while gold ETFs have stalled in attracting fresh funds. They explored the performance of Grayscale’s Bitcoin Trust (GBTC) and all exchange-traded funds (ETFs) that follow gold. With GBTC’s AUM growing above $24 billion, as reported recently, it represents11.4% of the $210 billion in gold ETFs (as of February 2nd). This exemplifies GBTC’s massive growth in the past year as its market cap was closer to 1% of gold ETF in early 2020.

by Sara Zhang

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