Is there merit to bitcoin usurping gold allocations?

Posted by Anton Murray Consulting on 10 Apr, 2024


Since the emergence of bitcoin ETFs following regulatory approval in January, the asset class has seen prices surge to more than US$72,000 by the middle of March 2024, much to the glee of enthusiasts. Inflows to these ETFs have surpassed $5 billion, flowing to large fund managers which, among others, include BlackRock, VanEck, and Fidelity, listed on the New York Stock Exchange, Cboe, and the Nasdaq. Observing the trend, crypto and digital-asset focused asset manager, Magnet Capital, said the performance of bitcoin in the first quarter of 2024 has “probably exceeded everyone’s expectations”.

“[The launch of bitcoin ETFs have] marked a point in time in which a lot of institutional allocators can consider bitcoin for the first time within their investable universe; that has opened the doors to a potential flight of capital coming into this market that historically wasn’t able to,” explained Benjamin Celermajer, director at Magnet Capital. “What’s eventuated is an insatiable demand from Wall Street and we see that every single day, where even for the last two weeks, the average inflow to these bitcoin ETFs has been circa $400 million every trading day. “That’s a huge amount of demand persistent within this market, given bitcoin, by definition, has an inelastic supply curve and a big change to demand like that does fundamentally rerate what price bitcoin trades at.”

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