By Susie Violet Ward · City A.M. · 24 October 2023
Written as a City A.M. column, the piece compares bitcoin with traditional stores of value such as bonds, property and gold, arguing that bitcoin is easier to verify and to move, can be held as a simple phrase and resists seizure or debasement. It draws a parallel with gold ETFs, whose popularity made gold easier to own, and suggests that a spot bitcoin ETF, which some expected to be approved by the end of 2023, could have a similar effect.
As an illustration, the column calculates that if 20% of an estimated $580 trillion held in traditional assets moved into bitcoin, with around 17 million coins available, each bitcoin would be worth roughly $6.8 million. It stresses that this is a simplified projection based on approximate figures and that it is not financial advice. At the time, bitcoin was priced at around £28,000.