Spot Bitcoin ETFs Outperform Gold, Says Core Scientific Founder
Date: 2024-02-09 Author: Dima Zakharov Categories: BUSINESS
The Rise of Spot Bitcoin ETFs
According to industry observer Darin Feinstein, the introduction of spot Bitcoin ETFs has provided traditional traders in the United States with a unique investment tool previously unavailable to them.
Transparency and Security
Spot or physically-backed Bitcoin ETFs surpass other commodity ETFs like gold ETFs because they securely store BTC. Feinstein, founder of blockchain firms Core Scientific and Blockcap, highlights that spot Bitcoin ETFs operate on an immutable ledger, providing the best accounting system ever available to humanity.
Concerns and Confidence
While some industry observers have expressed concerns that spot Bitcoin ETFs could potentially create "millions of unsecured bitcoins," Bloomberg ETF analyst Eric Balchunas expresses confidence that holding bitcoins aligns with the "best interests" of spot ETF issuers, likening spot Bitcoin ETFs to physically-backed gold ETFs.
