Billionaires Are Buying This Cryptocurrency ETF That Could Soar 1,050% to 5,400%, According to Certain Wall Street Analysts
Bitcoin (CRYPTO: BTC) rallied 154% over the past year. Several factors made that resurgence possible, including a rotation back to risk assets as recession fears diminished. However, the approval of spot Bitcoin exchange-traded funds (ETFs) certainly contributed to those gains, and they could have a more significant impact in the future.
To elaborate, the Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs in January. Some analysts called that decision a watershed moment for cryptocurrency because those ETFs could unlock demand from institutional investors, a group with about $100 trillion in assets under management.
Lo and behold, several hedge fund managers purchased positions in the recently approved iShares Bitcoin Trust (NASDAQ: IBIT) during the first quarter, as detailed below.
Source Fool.com
