Tuesday, December 1, 2020

Tag: Daily Volumes For Bitcoin Have Surpassed Trading Volumes For Wall Street’s Pr…

Daily Volumes For Bitcoin Have Surpassed Trading Volumes For Wall Street’s Primary Paper Gold ETF

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by Kenneth Schortgen, The Daily Economist:
It is interesting to see some of the parallels made when it comes to Bitcoin and other cryptocurrencies. Is it comparable to the dollar and euro, which are part of a $5-7 trillion daily market known as FX? Is it comparable to physical gold and silver, thus designating it as a commodity versus a currency? Or is it a virtual security on par with equities and bonds?

Either way, analysts have begun to make multiple cases for it being tied to each sector of the market. And on July 25 and analyst at Bank of America published a new update in which he noticed that volumes for Bitcoin have now surpassed the volumes traded for the primary Wall Street vehicle for gold, which is the GLD ETF.