Gold Investors Moving towards BTC and ETH : Bloomberg Expert
One of the strategists in Bloomberg claimed that the Gold like assets Investors are now moving in Bitcoin and Ethereum like crypto assets.
In the present time crypto industry is a mainstream option of the investment. Big big companies are now going for the Bitcoin Investment because they feel that Bitcoin can give better return then any other asset based Investment. Even in the present time we can take the example of MicroStrategy company, which is a tech company but still going for Bitcoin Investment.
Read also: Michael Saylor buys additional 3,907 BTC
Mike McGlone is a Bloomberg commodity strategist. In a new Stansberry Research interview, Mike shared about his research on Bitcoin & Gold investors.
According to Mike, Most of the Gold investors are “giving up”. That means they are tired of Gold’s slow price growth. And they are moving in the two largest crypto assets like Ethereum & Bitcoin.
“The thing that I have underestimated this year is how much there’s been disdain and outflows from gold, and people giving up on gold and going to Bitcoin and Ethereum”
He further added that, it is because of Bitcoin’s deflationary nature, which helps it to grow more rapidly than gold. According to Mike, in the present time many investors have fear with the debasement of fiat currency because of the huge supply.
Mike explained the growth of Bitcoin & Ethereum with the Gold, that why Investors are moving away from gold. He added
“So as we speak, gold is down about 7% on the year and Bitcoin’s up almost 70%. Ethereum’s up almost 400%.”
Further Mike talked about the Bitcoin futures ETF products, which are filed with the SEC by many financial institutions & management firms. Mike believes that the SEC may probably approve it by October 2021.
Read also: Britain to Front-Run Rules on Crypto : Bank of England
