From Dow Jones & Company:

Spot Bitcoin exchange-traded funds have been launched and are emerging as a rival to gold as an investment. The U.S. Securities and Exchange Commission approved 11 Bitcoin exchange-traded funds. Bitcoin and gold are seen as complementary and will coexist for the foreseeable future. However, Bitcoin’s price has increased by more than 350% since the start of the COVID-19 pandemic. It is expected to take away some investment interest from gold in the long term. The trading volume for the 11 spot Bitcoin ETFs exceeded $4.6 billion. The arrival of Bitcoin ETFs signifies a new asset class emerging into the public’s investable category.



Read more: Why the launch of bitcoin ETFs threatens the market for gold