The Grayscale Bitcoin Trust is on path to exceed the biggest gold-tracking ETF in the following couple of months, suggested Bloomberg’s senior commodity strategist, Mike McGlone. The analyst also outlined the ongoing digitalization phase as the main reason behind BTC’s success.
GBTC on its Way to Surpass SPDR Gold Shares
McGlone took it to Twitter to exhibit Bloomberg’s views on the performance of the two biggest bitcoin and gold funds in the past year and the projections for the next several months.
Established in 2004, SPDR Gold Shares (GLD) is the gold-tracking exchange-traded fund with the most considerable AUM with over $57 billion. On the other hand, Grayscale’s Bitcoin Trust saw the light of day about 8 years ago.
Bloomberg’s graph clearly shows the difference between the 2 funds, a minimum of until mid-2020. GLD was riding high with its AUM going beyond $80 billion, while the GBTC was having a hard time underneath $5 billion.