All the latest news surrounding Bitcoin and related developments with Florin21 via the 21 Roundup.
Bitcoin ETFs are closing in on Gold ETFs for AUM
US Gold ETFs saw over $2.4 billion in outflows in 2024, while new Bitcoin ETFs attracted more than $5 billion in inflows, highlighting a potential shift in investor sentiment.
Year to date Gold is down 3% and Bitcoin is up 23%.
Bitcoin ETFs are catching up to Gold ETFs in terms of assets under management. Bitcoin ETFs are holding $37Billion worth of Bitcoin while Gold ETFs are holding $93 Billion worth of Gold. This has happened in less than 30 trading days!
If the current trend continues then Bitcoin ETFs will pass Gold ETFs in Market Cap in 2024. Bitcoin’s unique properties make it an attractive store of value for the digital age.
UK economy falls into recession
The UK economy fell into a recession in the second half of 2023, just as Prime Minister Rishi Sunak has promised to boost growth.
Britain joins Japan among the Group of Seven advanced economies in a recession, with Germany reported to be also “likely in a recession“.
Gross domestic product (GDP) contracted by 0.3% in the three months to December, having shrunk by 0.1% between July and September, official data showed.
Not surprisingly the fourth-quarter contraction was deeper than all economists’ estimates in a Reuters poll, which had pointed to only a 0.1% decline.
Sterling has weakened against the US dollar and Euro. Investors are hedging their bets that the Bank of England will cut interest rates to spark some much needed GDP growth but with inflation still sitting around 4%, which is double the intended target of 2%, this doesn’t seem likely unless a higher inflation environment is seen as the new norm.
The Governor of the Reserve Bank of NZ speaks
Adrian Orr, the Governor of the Reserve Bank of NZ was quoted last week saying:
“It’s a great business to be in, Central Banking, where you print money and people believe it.”
“We actually fund ourselves.”
Unlike traditional assets prone to inflationary pressures, Bitcoin offers a unique proposition: a pre-defined, finite supply of 21 million coins. This scarcity protects your investment from dilution, making it the solution to inflation and currency devaluation.
Looking to strengthen your company’s financial standing with Bitcoin’s inflation-resistant properties or secure your family’s future? We provide tailored solutions for integrating Bitcoin into your corporate reserves or personal portfolio.
We offer a free 30min consultation call. Get in touch.
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