With another wild week behind for Bitcoin, asset manager Betterment’s Dan Egan argues that BTC is a gold alternative. On the other hand, Simeon Hyman, one of the names behind ProShares Bitcoin Strategy ETF, the first Bitcoin futures ETF, advised investors to invest in the Bitcoin ETF. cryptocoin.com We are giving the details as…
Expert: Bitcoin acts like digital gold
The largest cryptocurrency by market cap rose 11 percent on Friday, hitting over $40,000 for the first time in two weeks. A few days ago, it had dropped below $37,000. However, while Bitcoin remained volatile, Dan Egan of Betterment shared his comments on BTC. The expert says that BTC has become a part of portfolios. The expert uses the following expressions:
For example, Bitcoin, in its early days, was seen as an instantaneous path to wealth. Now, it acts more like a “digital gold asset” that could provide market protection. It definitely turns into an alternative like gold or precious metals. For the sake of diversification, you should keep a small amount in your portfolio.
Attention is drawn to ETFs as an alternative investment to Bitcoin
Still, Bitcoin (BTC) prices are well above the highs set in November. As it is known, the leading cryptocurrency traded close to $ 70,000 at the peak. An alternative investment to Bitcoin can be found in the ETF space. Bitcoin prices soared last year after the launch of the first Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), in October. Simeon Hyman of ProShares said in an interview that this futures ETF is beneficial for both long-term and short-term investors. Hyman used the following statements:
The futures market provides a better reflection of the price and is more liquid. BITO in itself trades a large amount every day and there are options on it. Futures market shows multiple exchanges approximating the price of these futures. When you combine this with the ETF structure, which makes Bitcoin futures a very attractive value proposition, there are significant advantages.
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