BlackRock’s IBIT ETF, a cryptocurrency exchange-traded fund, has now exceeded its gold counterpart in terms of asset volume. The Bitcoin ETF currently holds more than $33 billion in assets, marking a significant milestone for the firm.
This development indicates the growing confidence or interest in digital assets, particularly Bitcoin, compared to traditional investments like gold within the market. It suggests a shift in investment preferences towards cryptocurrencies among institutional investors.
With BlackRock's prominent position in the asset management field, this could set a precedent for other firms to also prioritize digital assets.
