Bitcoin Funds Pull In Money at Record Pace BlackRock’s bitcoin ETF is fastest ever to reach $10 billion in assets

Wall Street Journal ^ | Jack Pitcher

[NoLibZone]

Bitcoin exchange-traded funds have been a smash hit, helping feed into a frenzy that has sent the cryptocurrency’s price to a record high.

Bitcoin exchange-traded funds have been a smash hit, helping feed into a frenzy that has sent the cryptocurrency's price to a record high. Investors have piled into the funds at a historic clip since their Jan. 11 launch, with total assets in the 10 U.S. spot bitcoin funds on the market swelling to nearly $50 billion.

BlackRock's iShares Bitcoin Trust eclipsed $10 billion in assets Thursday, the fastest a new ETF has ever reached that milestone.

Fidelity's fund, now with more than $6 billion in assets, is already the asset manager's third-largest ETF and has accounted for the bulk of its net ETF inflows this year.

"It's been a persistent wave of demand. These products came out of the gates strong and they've remained strong," said Todd Rosenbluth, head of research at VettaFi.

[Tommy Revolts]

It ended in 1976 in the U.S. and no country in the world
uses the gold standard. It's all fiat currency.

I'm trying to figure out what planet you live on. Help me out here.

[Vaduz]

I’m trying to figure out what planet you live on.

Your clueless no money is backed by anything other than gold anyplace.

[GunRunner]

A lot of comments here on FR are negative and are made out of ignorance.

Anyone who mentions tulips is a bot.

They’ll say, “Ever hear of the Dutch Tulip bubble?”, unawares that the same childish canard is brought up on every single bitcoin thread on FR.

No human being could be that clueless and stupid.

[Rlsau1]

Bitcoin is a hedge against the fecklessness of sovereign currencies. When governments debase their own currencies in order to maintain their reckless spending, where does one go? Gold? Sure, but how easy is it to transport, and what if the government decides it wants it more than your right to have it? Institutions are starting to see the benefits of having a form of money outside government control, and so should everyone else. Also, the blockchain universe provides a transport system far safer and efficient than Central Banks offer. Diversity of assets is your friend, choose wisely.

[Tommy Revolts]

[Vermont Lt]

You really think the dollar is backed by Gold?

You cannot be serious.

That ended in the Nixon administration….the first term.

[Vermont Lt]

And they point to one chapter in a book written hundreds of years ago…and it’s proven to be horribly incorrect.

FR is full of people who “think they know stuff.”

I learned working at the hospital that surgeons think they know everything. When it comes to fixing something inside your body, go to a surgeon. They don’t know how a telephone works…but they act like they do.

The key is to know what you don’t know. There are plenty of people who say, “I don’t understand and won’t touch it.” That’s good. The problem arises with some people who still think the “full faith and credit” of the US actually means something. And even, a very few, who think Gold backs the US dollar.

I stopped trying to educate or argue a long time ago. I occasionally will tease some times, quoting the quantity of tulips one could buy with a single bitcoin.