Bitcoin ETFs are inching closer to flipping gold ETFs
On Monday, Bitcoin ETFs added $1 billion in flows and $5 billion in market appreciation, according to Balchunas. SoSoValue data shows that spot ETFs managed to attract a total of $1.1 billion worth of inflows on Nov. 12. Unsurprisingly, BlackRock's IBIT was in the lead with a total of $756 million worth of inflows. Fidelity's FBTC came in a distant second place with $135 million.
The prediction is based on the assumption that investors tend to find the yellow metal quite boring, and Bitcoin has emerged as a more exciting investment opportunity. that Bitcoin could surpass gold itself by market cap during this bull market cycle. Gold and Bitcoin are currently at $17.5 trillion and $1.7 trillion, respectively. Back's prediction implies that the price of the leading cryptocurrency could potentially reach $850,000.
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