He stressed the key feature of Bitcoin, underscoring the fact that it is likely to play a key role now as demand for BTC is going up fast.
Voorhees stressed the fact that all these abovementioned assets share one common feature – their supply will not expire for many years to come. 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 the U.S. 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.
The net value of the Bitcoin spot ETF, Wu continues, is now equal to $72.545 billion. On Oct. 29, the overall inflow into these funds totaled 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 Bitcoin ETFs. The second biggest inflow was registered on June 4, and it totaled $887 million.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
