‘#DropGold is up’ – The world’s largest gold fund breaks Grayscale when

Bitcoin (BTC), an altcoin investment firm Grayscale, currently has more assets under management (AUM) than the world’s largest gold fund.

According to the latest data from issuer Grayscale, Grayscale now controls more than $ 60 billion – $ 1.7 billion more than leading gold fund SPDR Gold Shares (GLD).

Praise for Grayscale, Futures ETF

Grayscale’s flagship Bitcoin product, Grayscale Bitcoin Trust (GBTC), now holds over 646,000 BTC worth around $ 41.75 billion (as of November).

The numbers add to the debate about gold as a store of value and inflation protection against Bitcoin as inflation declines in the US and the global economy.

With gold yielding against BTC / USD, the appeal of Bitcoin exposure has probably never made so much sense.

One month after the first Bitcoin Futures Exchange Traded Funds (ETFs) went live, the trading volume is “huge,” said Bloomberg analyst Eric Balchunas this week.

The first US-licensed bitcoin futures ETF, the ProShares Bitcoin Stategy ETF, accounts for nearly 50% of the option volume seen in the GLD.

“Guess the #DropGold campaign worked,” investor and analyst Kevin Rooke Add, note that in the meantime, $ GBTC has “failed” GLD with respect to AUM.

Grayscale recognizes “political” involvement in spot ETF approvals

As Cointelegraph reported, GBTC is expected to be converted into an ETF as early as the summer of 2022, which is subject to approval by US law.

Similar: Bitcoin Futures Fund share in the top 2% of all ETFs by volume

In an interview with CNN this week, Grayscale CEO Michael Sonnenshein was calm about the tense issue of regulatory approvals for spot Bitcoin ETFs, with the first decision to be made next week.

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), remains silent about the potential for the timing of turning points.

“What is interesting, however, is that now this is not just a legal matter; that has become a political issue, ”said Sonnenshein to the network.

“Over the past week we’ve seen really bipartisan support for a spot bitcoin ETF with agents. Emmer and Soto sent a letter to President Gensler demanding approval of a spot bitcoin ETF and really wanted to make sure that investors have a level playing field when choosing between what they consider a futures-based product to be could or could be a spot product for them. “

However, ETF futures agree with subtle criticism that has been despised by other institutional sources since October.

“Now that we have seen the approval of the first Bitcoin futures-based ETF, this is a really important moment for our industry and one that we are all very much looking forward to,” he added.

“But when people researched it, they found that the cost of embedded scrolling and some other features in future products could potentially make it even suboptimal for investors. “