I want to start by addressing the recent pullback in Bitcoin and Ether prices, as well as shares of crypto miners, since Bitcoin hit a new record high last week.
Whereas gold bullion and the S&P 500 have a standard deviation of ±1% over a single trading day, Bitcoin has one closer to ±4%.
The ETF attracted over $1 billion in as little as two days after its debut, making it the fastest ever to reach that milestone.
BITO may be the first, but it will hardly be the last.
Of the nearly 700 people who took a recent HIVE poll, more than three quarters said they were either “probably” or “absolutely” not interested in an ETF that tracks the futures market.
The price of Bitcoin topped $66,000 for the first time ever last Wednesday, pushing its market cap above an incredible $1.3 trillion.
“Fiduciaries are increasingly aware of how even a small allocation to digital assets can make a big impact over time,” Conrad went on.
Like BITO, this allocation may be the first of its kind, but I don’t believe it will be the last.
Well, now nearly anyone will be able to convert their loose change into “worthless” Bitcoin at their neighborhood Walmart.
If you recall, this group came together during the summer in response to Elon Musk’s claims that Bitcoin mining consumed too much energy, and too much dirty energy.
And contrary to Elon Musk’s claims, the network uses a more sustainable energy mix than any major country on earth.
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Disclosure: The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S.
Global Investors in 1989 and became the firm’s chief investment officer in 1999. In 2006, Mr. Holmes was selected mining fund manager of the year by the Mining Journal, and in 2011 he was named a U.S.