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Grayscale’s GBTC About to Surpass World’s Leading Gold ETF: Bloomberg’s Mike McGlone

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Wed, 04/14/2021 - 12:40
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Yuri Molchan
Mike McGlone of Bloomberg expects GBTC to surpass the world’s leading gold ETF – GLD - later this year
Grayscale’s GBTC About to Surpass World’s Leading Gold ETF: Bloomberg’s Mike McGlone
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Bloomberg's chief commodity strategist reckons that Grayscale Bitcoin Trust is likely to exceed the leading gold tracking ETF by funds in July of this year: SPDR Gold Shares (GLD).

"Gold has diminishing potential for price advances"

Mike McGlone has tweeted that, when compared to Bitcoin, gold has become a symbol of dropping potential for sustained commodity price moves.

He believes that the world's leading gold tracker, SPRD Gold Shares, will be surpassed by Grayscale Bitcoin Trust by total amount of funds by May-July of this year.

On the chart, the total fund assets of GLD have been going flat and are expected to continue to do so. Meanwhile, funds in GBTC keep rising at a fast pace.

McGlone's tweet was also was retweeted by Grayscale chief Michael Sonnenshein.

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Another senior Bloomberg analyst, Eric Balchunas, has confirmed this forecast.

In March, U.Today reported that Mike McGlone opined about Bitcoin's high chances of surpassing Amazon by market cap once BTC hits $80,000 per unit.

Bloomberg's chief strategist also believes that, by 2025, Bitcoin is likely to go as high as $100,000. He voiced that opinion in October of last year.

Related
Grayscale Adds $1.6 Billion in Bitcoin, XLM, MANA, BAT, LTC Over Weekend

Grayscale absorbs large amounts of crypto quickly

Grayscale has been actively absorbing Bitcoin, Ethereum and other digital currencies. Its crypto trusts include those based on Stellar, Litecoin, Bitcoin Cash and more.

Recently, Grayscale has rolled out another five crypto trusts: BAT, FIL, MANA, LINK and LPT. As reported by U.Today earlier, this week, the company added around $1.6 billion worth of cryptocurrencies over the weekend.

Besides, in the near future, Grayscale plans to convert its Bitcoin Trust into a full-sized Bitcoin ETF; this was confirmed recently by the company.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.