BTC Price Index and Live Chart – CoinDesk”>(BTC) under way, and the availability of spot exchange-traded funds (ETFs) will extend that trend.

Wood noted on ARK Invest’s “Big Ideas” podcast that while the largest cryptocurrency’s price is primarily denominated by fiat currencies (usually the U.S. Dollar), even in relation to gold BTC prices have been steadily rising since their early days.

She said, “There is now a substitute into bitcoin and we believe that will continue now that there’s a much more convenient way… to access Bitcoin.”

Bitcoin is often compared with gold as a store value because of its limited supply and difficulty in mining BTC and gold. This is in contrast to other assets such as national currency, which can be printed from thin air.

The first gold ETF’s effects are compared to those of the spot bitcoin ETFs. In the seven years that followed its first ETF , in November 2004, the price of yellow metal soared by over 250%.

Read More: ARK Invest Says Optimal Bitcoin Portfolio Allocation for 2023 Was 19.4%

Sheldon Reback is the editor.