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Erik Voorhees, the ShapeShift CEO and the founder of the Venice.AI project, has addressed the cryptocurrency community to hint that he expects the Bitcoin to surge in all aspects soon, including the price.
He stressed the key feature of Bitcoin, underscoring the fact that it is likely to play a key role now as the demand for BTC is going up fast.
Voorhees's message: Bitcoin will surpass gold, USD, oil
Erik Voorhees, being an OG Bitcoin supporter and its early investor, published a tweet about Bitcoin, hinting, similarly to other Bitcoin proponents, the high potential BTC has in surpassing all other major assets in the future, including such fundamental ones as the US dollar, oil, and gold.
When demand for gold rises, more gold is produced.
— Erik Voorhees (@ErikVoorhees) October 29, 2024
When demand for oil rises, more oil is produced.
When demand for USD rises, more USD are produced.
When demand for Bitcoin rises...
Voorhees stressed the fact that all these above-said assets share one common feature – their supply will not expire for many years ahead. When the demand for gold or oil rises, Voorhees tweeted, more of each is produced thanks to large deposits on Earth. When the demand for US dollars rises, more dollars are printed, he said.
However, when the demand for Bitcoin goes up, here Voorhees left his thought unfinished, hinting that more Bitcoin cannot be produced since Satoshi Nakamoto programmed BTC to exist only in the form of 21 million coins.
Bitcoin ETFs reach new ATH
Slightly more than 19 million Bitcoins have already been mined and the majority of them are circulating the market now. A lot of BTC have been held in cold wallets for many years. A lot is being held by spot Bitcoin ETFs at the moment. According to a recent report by the Chinese crypto journalist Colin Wu, these institutions have acquired so much BTC that for the first time in history they are holding more than 5% of all BTC market value.
The total net asset value of the Bitcoin spot ETF is US$72.545 billion, and the market value of the ETF's net assets accounts for 5.07% of the total market value of Bitcoin, which is the first time in history that it has exceeded 5%. On October 29, the total net inflow of the… https://t.co/oE2Omni2LX
— Wu Blockchain (@WuBlockchain) October 30, 2024
The net value of the Bitcoin spot ETF, Wu continues, is now equal to $72.545 billion. On October 29, the overall inflow into these funds totalled a staggering $870 million and it marked the third highest inflow within a single day. The largest secondary one was observed on March 12 with $1.05 billion going into the Bitcoin ETFs. The second biggest inflow was registered on June 4 and it totalled $887 million.