Grayscale Bitcoin Trust Fund ($GBTC), the largest Bitcoin pegged fund for institutional investors is on its way to overtake the most popular gold-pegged ETF $GLD in the coming months. The growing popularity of Bitcoin over the past 3-4 months has seen even the biggest gold bugs cut their exposure to gain exposure in Bitcoin. A significant portion of Golf outflow over the past year has moved into Bitcoin.

'We believe gold symbolizes the diminishing potential for sustained commodity-price advances, notably vs #Bitcoin. Assets in @Grayscale's $GBTC, the dominant on-exchange vehicle, are set to pass funds in the leading gold-ETF tracker $GLD in a few months'@mikemcglone11 @JSeyff pic.twitter.com/YQwA6M5WFm

— Michael Sonnenshein (@Sonnenshein) April 14, 2021

Grayscale CEO Michael Sonnenshein said that the century-old store of value Gold is losing its luster against Bitcoin. He explained,

‘We believe gold symbolizes the diminishing potential for sustained commodity-price advances, notably vs #Bitcoin. Assets in Grayscale’s $GBTC, the dominant on-exchange vehicle, are set to pass funds in the leading gold-ETF tracker $GLD in a few months’

The top cryptocurrency has emerged as the growing choice of investors, wall street financial giants, and even the biggest critics this bull season. On the other hand, gold has continued its downtrend starting after the first quarter of 2020.

Bitcoin this bull season has seen its price more than triple from 2017 high, but more importantly, it has won the confidence of Wall Street giants as well as Fortune 500 companies who see it as a growing store of value. The likes of MicroStrategy and Tesla are using it as a treasury hedge and both the companies have profited more from their Bitcoin purchase than the combined profit from their business over the past couple of years.

The volatility argument has also started to diminish given more people realize that the price fluctuation would stabilize with more acceptance in the real world. The listing of Coinbase exchange on Nasdaq is also a big landmark for the crypto industry and a sign of growing acceptance.