BlackRock’s iShares Bitcoin Trust has overtaken the 19-year-old iShares Gold Trust in total assets. This happened shortly after crypto-friendly Donald Trump was elected as U.S. president.
Asset Growth
As of Thursday, the net assets of iShares Bitcoin Trust stood at $33.2 billion, reflecting an approximate 10% increase since the start of the month. This growth indicates an increasing preference for Bitcoin among BlackRock’s clientele over Gold.
Bitcoin and Gold Markets
Following Trump’s victory, the price of Bitcoin reached new record levels, increasing nearly 12% since election day. In contrast, Gold prices peaked at $2,789 per ounce on October 31, stabilizing around $2,686 during the writing of this article.
Interest in Cryptocurrencies
With rising demand for riskier assets post-Trump’s election victory and the Federal Reserve lowering interest rates by 25 basis points, U.S. spot Bitcoin ETFs garnered approximately $1.4 billion in net inflows.
iShares Bitcoin Trust is set to launch in January 2024, underscoring the growing acceptance of cryptocurrencies as financial instruments while investors maintain interest in traditional commodities.
