Bloomberg’s leading analyst Mike McGlon shared that GBTC is far ahead of Tesla this year as the odds of the Bitcoin ETF rise. This was reported by YouTube on the 27th (local time).
It also shows the reason why Bitcoin, the representative cryptocurrency, is becoming a global digital asset.
[Grayscale Bitcoin Investment Trust is surpassing Tesla]
Mike McGlon tweeted that the Bitcoin Investment Trust (GBTC), the flagship product of Grayscale Investments, the largest cryptocurrency investment fund, has surpassed Tesla stocks.
According to the tweet, as expectations for the GBTC became a reality, GBTC surpassed Tesla by nearly 50% to date in 2021. Grayscale’s GBTC is gaining support as the likelihood of a Bitcoin ETF launch in the US is increasing.
Meanwhile, earlier this week, Elon Musk announced that Tesla is currently paying Bitcoin for its cars. Instead of cashing out BTC, the company decided to store it as a reserve asset in addition to the $1.5 billion worth Tesla bought earlier this year.
[Bitcoin can be turned into a’Risk-Off asset’]
Mike McGlon shared a chart showing that the Bitcoin price and the Bitcoin liquidity index rose simultaneously this year.
He believes that this year’s’Maturity Leap’ of the world’s Bitcoin is highly likely to be turned into a’risk off’ and a global digital reserve currency.
According to a tweet from McGlon released earlier this year, Bitcoin is already less risky than the Dow. He also expects BTC to break above $80,000, which will allow it to beat Amazon with its market cap.
Financial institutions’ interest in Bitcoin is increasing this year. Large companies such as MicroStrategy and Tesla are taking over BTC. Bitcoin ETF launched in Canada.
In addition, Visa and Mastercard are enabling bitcoin payments to merchants, stimulating individual interest in BTC and adoption of cryptocurrencies around the world.
(The leading commodity strategist at Bloomberg, Mike McGlone, has shared that GBTC is massively outpacing Tesla this year thanks to the increasing probability of Bitcoin ETFs.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.