As a seasoned researcher with over a decade of experience in the cryptocurrency industry, I can confidently say that Erik Voorhees’ recent statements about Bitcoin’s potential to surpass traditional assets such as gold, USD, and oil hold significant weight. His unique perspective, shaped by his early involvement and investment in Bitcoin, lends credence to his optimistic outlook for the digital currency.
Erik Voorhees, head of ShapeShift and initiator of Venice.AI, recently spoke to the cryptocurrency community, suggesting that he anticipates a significant increase in various areas for Bitcoin, particularly its price, in the near future.
He stressed the key feature of Bitcoin, underscoring the fact that it is likely to play a key role now as the demand for BTC is going up fast.
Voorhees’s message: Bitcoin will surpass gold, USD, oil
As an early crypto investor who’s seen the rise of Bitcoin from the get-go, I can’t help but echo the sentiments shared by fellow Bitcoin supporters. Erik Voorhees recently took to Twitter, hinting at the enormous potential Bitcoin has for outperforming key assets in the future – even stalwarts like the US dollar, oil, and gold.
When the demand for Bitcoin increases, more Bitcoin can be mined.
— Erik Voorhees (@ErikVoorhees) October 29, 2024
Voorhees emphasized that all the previously mentioned assets have a shared characteristic: their supply will remain abundant for quite some time in the future. He explained that when the need for gold or oil increases, more of each can be extracted due to substantial reserves on Earth. Similarly, when there’s an increase in demand for US dollars, he noted, additional dollars are printed.
Yet, as the demand for Bitcoin grows, it’s important to note that because Satoshi Nakamoto designed Bitcoin to only exist in the form of a limited 21 million coins, additional Bitcoins cannot be produced.
Bitcoin ETFs reach new ATH
Approximately 19 million Bitcoins have been mined so far, with a significant portion currently available in the market. Over the years, a large number of Bitcoins have been stored offline (in cold wallets). Currently, a substantial amount is being held by Bitcoin Spot Exchange-Traded Funds (ETFs). As per a recent report by Chinese crypto journalist Colin Wu, institutions now hold more than 5% of the total market value of all Bitcoins, marking a first in history.
The combined worth of the Bitcoin spot ETF, considering only its assets minus liabilities, amounts to approximately $72.545 billion. This value represents a significant 5.07% of the overall market value of Bitcoin, marking the first instance in history where this ratio surpassed the 5% threshold. On October 29th, the ETF experienced an inflow of new assets totaling…
— Wu Blockchain (@WuBlockchain) October 30, 2024
As an analyst, I’m reporting that the current market value of the Bitcoin spot ETF stands at a substantial $72.545 billion. On October 29th, these funds experienced a significant surge in investment totaling approximately $870 million. This inflow marks one of the top three highest single-day inflows ever recorded, with the largest secondary inflow occurring on March 12th, where around $1.05 billion was poured into Bitcoin ETFs. The second largest daily influx was noted on June 4th, amounting to a substantial $887 million.
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2024-10-30 13:43