CoinShare: Is Bitcoin the new gold?

Data aggregator CoinShare has revealed an interesting trend, showing that capital has been quickly withdrawing from gold to join Bitcoin instead.

BTC products have become increasingly popular as a commodity and storage unit, trying to vie with oil and gold for supremacy, CoinShare suggests.

According to data published on December 7, gold has seen a $9.2bn outflow in the four weeks leading up to the report and BTC has registered $1.4bn inflow. To say that investors are cashing out on gold to invest in Bitcoin is a stretch.

However, as CGN reported previously, many millionaires are already considering investment in BTC as part of their portfolios, and the interest in digital currencies in general seems to be going up exponentially.

Some funds were also invested in exchanges which cover Ethereum, as a viable alternative to Bitcoin, albeit BTC seems to draw the biggest investors' appetite.

Grayscale is presently leading the way in terms of investment collected from cryptocurrencies, with some $336m in investments.

In total, CoinShare estimates that there are $14.9bn being managed in various crypto investment products.

Overall, some $4.8bn has been invested in crypto funds in 2020, a significant growth all things considered. Some of this growth has been occasioned by the interest in digital currencies with governments taking a closer look.

Meanwhile, blockchain gaming operations have been going at full blast. Bitcasino, BitStarz, and 1xBit all offer suitable

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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