Bitcoin ETFs have spent the year smashing records and reaching milestones since gaining approval in January.
Much of this momentum can be attributed to BlackRock’s iShares Bitcoin Trust (IBIT), which reached a net asset value of $33 billion on Friday, coinciding with Bitcoin’s new all-time high of over $77,000.
This milestone edges IBIT just ahead of BlackRock’s nearly 20-year-old gold ETF in net assets.
ETFStore President Nate Geraci remarked on how quickly this flip happened, stating, “Did this in 10 months. Absolutely wild.”
Bitcoin vs gold
Despite this shift, 2024 has been a standout year for gold as well. Starting the year near $2,000 an ounce, gold surged to an all-time high of $2,800 last month — a 40% increase.
Meanwhile, Bitcoin has climbed from around $43,000 to just under $77,000, marking a nearly 80% rise.
Bitcoin’s market value recently surged past Meta Platforms, taking the ninth spot among the world’s largest assets, and is now closing in on silver’s market cap of approximately $1.77 trillion.
Gold remains firmly at the top, valued at over $18 trillion.
VanEck CEO Jan Van Eck sees significant potential in Bitcoin’s future, suggesting that its value could eventually reach half of gold’s total market cap — equating to around $300,000 per Bitcoin.
He described this projection as a “reasonable” target, highlighting growing institutional interest and the potential of crypto becoming a bipartisan issue in the US after Trump’s presidential win.
Crypto market movers
- Bitcoin is up 0.7% over the past 24 hours to trade at $76,600.
- Ethereum is up 4.4% to trade at $3,043.
What we are reading
- Gary Gensler’s SEC’s war on crypto is over, ex-SEC official says — DL News
- How Democrats Failed to Deliver on Crypto’s Promise in the 2024 Elections — Unchained
- Meet the Robinhood exec tipped to be Trump’s top SEC pick: ‘I’d go in with a pretty lengthy list’ — DL News
- Polymarket said to tease token launch, stating ‘we predict future drops’ — The Block
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
