Posted on 03/06/2024 10:21:11 PM PST by 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.
(Excerpt) Read more at wsj.com ...
Yeah it’s a bit crazy. Blackrock and others may have bitcoins in their own investment funds, but they are quite happy to just take people’s buy/sell commissions too.
Some of the so called altcoins suddenly began exploding higher today. I own several of them, like ATOM, RNDR and SOL. I don’t own Bitcoin.
There was no persistent wave on Tuesday when it was down $6000+.
It may be a medium of exchange and a speculative investment-
it is clearly a risk on asset and not a safe haven at least for the time being.
Tulips were exploding higher at one time. Remember color TV stocks? Internet stocks? They all crashed without parachutesto slowdown descent.
good food in the rat trap
bttt
Someone help me out here please. Bitcoins are intangible. Where then is value? Will this wind up like the Dutch Tulip scandal?
If you truly want to learn about it, look up Robert Breedlove on YouTube. I think his channel is called “What is Money”
He has a long series with Michael Saylor and it explains what it is and why it might be the perfect form of money.
A lot of comments here on FR are negative and are made out of ignorance.
I have a small position and wish I had more
Yesterday you could buy 109,000 tulips with a single bitcoin. That is a gain of about 4,000 tulips since the start of the week.
Any currency gains its value based on what the other party is willing to exchange for it. The difference between bitcoin and most other currencies is that there is no bank taking a slice of the action, nor is there a government trying to manipulate its value through interest rates or inflation.
You might not see that as a “benefit”, but clearly a lot of people do. That is the beauty of the marketplace.
Bitcoin Funds Pull In Money at Record Pace.
Not a bad scam for something that isn’t backed up by ANYTHING.
That question would apply to government issued money as well. The only real difference is that dollars are accepted by everyone, whereas bitcoin has limited acceptance.
I’m curious, what is the dollar backed by?
Gold it’s why the world uses it nothing else is of any worth.
Just a few years ago you could buy a new house with 100 shares of internet stocks. Today you can’t buy a meal at Five Guys with the same 100 shares.
Dollar is backed by power of government to tax the largest economy in the world. Nothing better than that.
And that is what makes the world go ‘round.
Thankfully, no one has a gun to their heads to buy anything these days.
That ended in 1976. The dollar is fiat money.
Never ended in 1976 it’s still the world standard for backing of money.
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