What Happened: “The rule of money flowing to where it’s treated best appears to be an enduring tailwind for Bitcoin. If one of the most significant members of the S&P 500 keeps sinking, we see underpinnings improving for the potential global digital store-of-value,” said Mike McGlone, a senior commodity strategist in Bloomberg’s Crypto Outlook report for the month of April.
McGlone’s statements referred to a chart depicting the price of Tesla dropping by 25% since its Bitcoin allocation announcement on March 25, while the price of Bitcoin grew 35% during the same period.
According to Bloomberg, the digital asset’s upward price trajectory has also had positive implications for the Grayscale Bitcoin Trust (OTCMKTS: GBTC) – the largest Bitcoin fund that has uncharacteristically traded at a significant discount to its net asset value for the past month.
According to a recent statement from Grayscale Investments, the fund is 100% committed to converting GBTC into an ETF.
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