A new gold rush is picking up speed as bitcoin doubles the size of its fund under the BIT-XBTE’s management. The fund that was around $50 million on May 1st has jumped to $100 million a few days ago, which is an impressive growth.
The head of trading and operations at XBT Provider, Jean-Marie Mognetti, has stated that during the last two months, the Provider’s exchange of the traded Bitcoin notes has seen a major demand increase from industrial as well as retail investors. Everyone is searching for exposure to bitcoin, which is a sure sign that its rise isn’t going to stop anytime soon.
Bitcoin’s increase has gone up by 200% since the beginning of the year, but even that isn’t as fast as the growth of other currencies. For example, Ethereum has gone up over 3,000% this year alone.
The Bitcoin Tracker Euro ETNs, as well as Bitcoin Tracker One, are currently available in both Euros, as well as in Swedish Krona.
This all happened very soon after Goldman Sachs, the US investment bank, decided to announce the need for analyst coverage concerning the cryptocurrencies. They stated that the client demands were simply too much. Despite the fact that the price of Bitcoin wasn’t exactly specified, Goldman Sachs sees the buying opportunities somewhere in between $1,915 and $2,330.
However, Sheba Jafari, the chief technician has issued a warning for the clients, in which he advised against trading. The reason for this is that earlier this week, Bitcoin breached the $3,000. Instead, he advised waiting for it to go between $1,915 and $2,330.
Also, a few days ago, on June 13th, another report called “Blockchain: Unchained” was issued by Morgan Stanley. In the report, the commitment to exploring the technology on which Bitcoin and similar cryptocurrencies are built on was underlined. Caution is also advised due to the lack of any regulations in their price. Currently, that price is around $2,600.
According to Goldman Sachs, this attraction to the virtual currencies and Bitcoin in particular is due to the lack of volatility when it comes to other asset classes. The often changes in the currencies’ worth can also offer many opportunities for some.
Another big news related to this, is the new team up between XBT Provider and Xapo, a leading cryptocurrency custodian. Xapo is a very secure Bitcoin holder, and besides the wallet services, it also provides a vault insurance.
When it comes to protecting your Bitcoin, the safest way would be to hold them in the cold storage. What that means is that you would write the amount that you hold on a paper and store it on many different physical sites, or in wallets that don’t have a connection to the internet.
XBT Provider’s head of investor relations, Ryan Radloff, has stated that adding Xapo to XBT Provider was a very critical step. Now that it’s done, the company’s products will be sure to remain the most professional bitcoin investment product on a global scale.
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