The post Will Bitcoin or Gold Profit the Most in 2024? Striking BTC-Gold Comment from the Analyst! appeared on BitcoinEthereumNews.com.

Spot Bitcoin ETFs, which received approval from the SEC in January, continue to experience steady inflows, supporting the rally in BTC price. There are outflows from gold ETFs versus inflows from BTC ETFs. At this point, it is considered that increasing inflows into Bitcoin ETFs may pose a threat to gold’s position as the primary store of value in the long term. Speaking to The Block, ETC Group Head of Research André Dragosch said that continued inflows into Bitcoin ETFs pose a threat risk to gold. “There is a growing divergence between global fund flows into Bitcoin and flows into gold. While inflows to Bitcoin products are increasing, there are outflows from gold products. This could be an early sign of Bitcoin stealing gold’s crown as the primary store of value. “This could threaten gold’s position as the world’s primary store of value in the long term.” Stating that, according to ETC Group data, net inflows into global Bitcoin ETFs and products have increased significantly since the beginning of February, the analyst said that gold ETFs have experienced an increase in net outflows since the beginning of the year. “Bitcoin Will Continue to Perform Well!” Apart from André Dragosch, Ryze Labs analysts also have similar views on Bitcoin and gold. At this point, Ryze Labs analysts stated that while there has been a net inflow of $3.9 billion into the top 10 Bitcoin ETFs since the beginning of the year, there has been a significant outflow of $2.4 billion from the 14 largest gold ETFs. Ryze Labs analysts said in an email: “This apparent trend in BTC and gold ETFs reinforces our confidence in Bitcoin’s dual role as both a risky investment and a reliable safe-haven asset. “We continue to believe that Bitcoin will outperform gold under both market conditions.”…

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Filed under: News - @ February 20, 2024 10:26 pm