Bitcoin has undergone a strong surge over the past few weeks, strongly outperforming gold. The price of the leading precious metal has actually dropped strongly over the past few weeks, underperforming the stock market and BTC massively.<\/p>\n
Many think that it is Bitcoin that may be sucking the wind out of the sails of gold. In fact, a JPMorgan report published two weeks ago found that the inflows into Bitcoin vehicles such as Grayscale BTC Trust (GBTC) are actually seeing more inflows as the flows into gold taper off. More recently, data showed that there has actually been strong gold selling pressure.<\/p>\n
Mike Novogratz, CEO of Galaxy Digital, recently took to CNBC to say that Bitcoin is becoming a “digital gold story” as more institutional players enter the space after watching from the sideline for months and years.<\/p>\n
Novogratz says that BTC would have rallied much earlier if there were easier ways to gain exposure to the coin.<\/p>\n
\n"You're seeing more and more institutional pathways," says @Novogratz<\/a> on #bitcoin<\/a>'s bull run. "It is a digital gold story." pic.twitter.com\/PdXFW6NF0v<\/a><\/p>\n
— Squawk Box (@SquawkCNBC) December 1, 2020<\/a><\/p><\/blockquote>\n