Bitcoin Poised to Surpass Gold, Oil, USD in Value Surge, Hints Voorhees

• Erik Voorhees expects Bitcoin’s demand to skyrocket, pointing to its scarcity as a primary driver.
• Voorhees hints that Bitcoin will outpace major assets like gold, USD, and oil in value.
• Bitcoin ETFs now hold over 5% of BTC’s market value, signaling heightened institutional interest.

Erik Voorhees, the well-known CEO of ShapeShift and founder of Venice.AI, shared his optimism for Bitcoin’s future, suggesting that the cryptocurrency may soon surpass traditional assets like gold, oil, and the U.S. dollar in value and significance. Acknowledging Bitcoin’s role in the financial ecosystem, Voorhees underlined that the cryptocurrency’s limited supply could drive its demand and value upward, particularly as global interest in Bitcoin gains momentum.

Bitcoin’s Scarcity: A Key Factor in Its Rise

Voorhees highlighted a fundamental aspect of Bitcoin that distinguishes it from traditional assets: its finite supply. With a total supply limited to 21 million coins by design, Bitcoin’s scarcity is set in stone, a feature that traditional assets such as gold, oil, and U.S. dollars lack. When demand increases for these conventional assets, additional quantities can be mined or printed, which can impact their value. Bitcoin’s supply cannot be expanded in response to demand, making it a unique store of value, especially as global attention intensifies.

Institutional Demand Pushing Bitcoin ETFs to New Highs

The surge in Bitcoin demand is notably reflected in the activities of Bitcoin spot ETFs. According to a recent report, institutions holding Bitcoin ETFs now possess over 5% of the total Bitcoin market value. The net value of these Bitcoin ETFs has risen to an impressive $72.545 billion, indicating growing institutional involvement in the cryptocurrency market. This development signifies that, even at a time of heightened financial scrutiny, institutions see Bitcoin as a robust asset for long-term value.

Bitcoin spot ETFs have seen significant capital inflows this year. On October 29 alone, these funds attracted $870 million, marking the third-largest daily inflow on record. Such sizable contributions reflect Bitcoin’s appeal, not just among individual investors but also within institutional circles. Earlier records of inflows show similar patterns, with each milestone reinforcing Bitcoin’s standing as an increasingly valuable asset for the financial market.