Bloomberg Terminal on social media platform X/Twitter has tweeted that according to analysts from major banking giant JP Morgan, Bitcoin has surpassed gold in investor portfolio allocation.
Bloomberg Terminal on social media platform X/Twitter has tweeted that according to analysts from major banking giant JP Morgan, Bitcoin has surpassed gold in investor portfolio allocation.
Bitcoin overtakes gold as an asset class for investors
Notably, the pioneering cryptocurrency has an allocation 3.7 times that of gold bullion. Analysts also mentioned the recent billions of US dollars invested in spot Bitcoin ETFs over the past two months since their approval in January, including massive Bitcoin outflows from Grayscale. These notable inflows suggest that the Bitcoin ETF market has high chances of reaching a whopping $62 billion compared to gold.
In February, the cryptocurrency market saw an overall increase in overall capitalization: more than 40% month-on-month, reaching $2.2 trillion, mainly thanks to Bitcoin’s rise of 45% and Ethereum’s rise of 47%. Altcoins followed suit, demonstrating double-digit increases, as well as the DeFi and NFT market sectors.
In March, Bitcoin broke several consecutive all-time highs, starting at $69,200 and so far stopping at the all-time peak of $73,750, which was reached on March 14. However, in the last 24 hours, the flagship cryptocurrency rallied by approximately 10%, falling to the current level of $67,905.
Robert Kiyosaki explains Bitcoin’s superiority over gold
Prominent investor with several assets in his portfolio and author of the classic book “Rich Dad Poor Dad,” Robert Kiyosaki, took to the X/Twitter app to share his opinion on why Bitcoin is superior to gold.
Kiyosaki shared that he invests in gold, silver and Bitcoin, and even owns oil wells. However, he believes that BTC is superior to all of them for one important reason: when the price of gold, silver and oil rise, more can be mined. Unlike them, Bitcoin’s total supply was limited to 21 million coins by its mysterious creator, Satoshi Nakamoto, in 2009, when BTC was released to the world.
Recently, Robert Kiyosaki made an epic Bitcoin price prediction, saying that he expects BTC to reach a six-digit value by the end of this year: $300,000. His ultra-bullish prediction took into account the impending halving event and the fact that ETFs continue to pull Bitcoin out of the market. Currently, they are purchasing 12.4 times the amount of BTC produced per day (i.e. 900 BTC).
