Bitcoin at 1 million dollars? Arthur Hayes sees ETF-driven rise, but…
Hayes attributed Bitcoin's rise to $70,000 to ETFs.
Investors have started to show a greater preference for BTC.
In the wake of fluctuating bitcoin [BTC] prices, Arthur Hayes, co-founder of BitMEX, has issued an optimistic forecast for the future of the cryptocurrency.
In the latest episode of “The Wolf of All Streets” podcast, Hayes envisioned Bitcoin reaching unprecedented heights. He commented,
"One million? I don't think people have enough imagination...Why was it as fast as 70,000? Because a group of people can now check a box and buy some Bitcoin ETF.”
Recent statistics reinforce his argument. The top ten Bitcoin spot ETFs witnessed a notable 15% increase in net inflows, reaching $2.57 billion just last week.
This is a jump from the $2.24 billion recorded the previous week.
The executive interpreted this trend as a clear indicator of growing interest on the part of the global investment community.
Disillusioned by the declining returns of traditional bonds, investors are now considering Bitcoin ETFs as a lucrative, low-risk diversification option.
To Wall Street and Beyond: The ETF Revolution
The shift towards Bitcoin ETFs has not gone unnoticed by financial experts.
Grant Engelbart, Vice President and Investment Strategist at Carson Group, highlighted the trend in a recent interview with Bloomberg ETF IQ. He revealed,
“We have seen a handful of advisors allocate an average of 3.5% to two client households.”
Engelbart shed light on the strategic financing of these investments. He noted a trend where investors are reallocating assets from other segments of their portfolios.
These are especially growth funds and aggressive equity positionsun1000000
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