Join bitcoin bulls! “New debt king” gunlac: bitcoin may become the next “stimulus asset”

With bitcoin and Ethereum hitting record highs, more and more people are skeptical. In the near future, Jeffrey, the “new king of debt” who has long been bullish on gold and skeptical about cryptocurrencies, has become increasingly skeptical Gundlach, who started to join bitcoin bulls, said he had changed his view of bitcoin and saw bitcoin as a better trading asset. Gonlak said on social media that he had been a gold bull and a short dollar for a long time, but had been neutral on both for more than six months. On the contrary, he pointed out that bitcoin has risen wildly in the process of injecting huge liquidity into the financial system during the outbreak of the new crown, and the cryptocurrency may become the next “stimulus asset” in the future. In the past, traders usually used precious metals as safe haven assets or inflation assets. However, in the past year, gold rose sharply in the spring of 2020, and there was hardly any fluctuation. At the same time, with the increasing outflow of funds from gold ETF, the price of gold has been in a range fluctuation state. On the other hand, while the United States is still waiting for regulatory approval of the first bitcoin ETF, the first bitcoin ETF in North America made a good start on the first day of listing, with a trading volume of more than $145 million. It is reported that the world’s first bitcoin etfthe purpose bitcoin (BTCC) was approved to be listed in Toronto on Thursday. Meanwhile, the Canadian asset management company purpose investments said in a statement that the purpose index equity fund will directly invest in bitcoin with physical delivery. Although bitcoin has soared nearly five times in the past year, it has continued to rise as more and more investors have invested in the asset, especially after Tesla. Us recently said it had spent $1.5 billion to buy bitcoin. According to relevant media reports, it is not clear how much capital inflow BTCC’s trading activities will bring to the fund, but James seyffart, an analyst at the media intelligence, believes that its trading volume should be much higher than the ETF’s first day trading volume. Moreover, unlike ETNS such as the gray scale bitcoin trust, which until recently had a huge premium, ETF supporters believe that this fund will not experience the premium problem faced by many bitcoin trust companies in the United States. Todd Rosenbluth, head of ETF research at CFRA research, said: “there is still a considerable amount of undeveloped income for this bitcoin investment product with ETF advantages.” At the same time, he added, the fund is unlikely to trade at a premium above net asset value. Although the United States has received several applications for bitcoin ETF, including van Eck associates Corp. And bitwise asset management, but the securities and Exchange Commission said price volatility and charges of industry manipulation remained obstacles to regulatory approval. Nevertheless, zero hedge analyst Tyler Durden said that without ETF, bitcoin trading volume was still close to historical highs, and the leadership of the SEC had changed, believing that it was only a matter of time before the first bitcoin ETF appeared in the United States. (source: Zhitong finance and Economics website)

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