Bitcoin
Bloomberg Analyst Projects Bitcoin ETFs Will Eventually Outpace Gold Funds
A senior ETF analyst predicts Bitcoin funds will ultimately triple gold ETF assets, despite acknowledging recent cash-burn dynamics and short-term performance disparities.
Bloomberg senior ETF analyst Eric Balchunas stated on social media that Bitcoin exchange-traded funds will eventually amass three times the assets of gold ETFs. The forecast came shortly after he acknowledged that Bitcoin funds had technically burned cash, defining the term as a situation where total capital inflows exceed final asset growth because falling prices offset investor deposits.
Performance metrics highlight a stark recent divergence between the asset classes. Over a one-year period, the iShares Bitcoin Trust (IBIT) declined 34.44% and was down 12.37% year-to-date, despite a 19.47% monthly rebound. In contrast, the SPDR Gold Trust (GLD) gained 17.67% over the past year and reached $399.58 intraday, extending its five-year gain to 143.99%.
Balchunas outlined three structural catalysts supporting his long-term thesis: a younger investor base that will inherit more wealth, increased institutional participation as volatility moderates, and superior marketing distribution from major fund wholesalers. Although noting gold's enduring historical status, he reiterated that Bitcoin funds will outgrow the category over time.
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