- Canadian investors can now invest in ETFs to monitor cryptos
- With the current market potentiality, Bitcoin can rise higher
- If Bitcoin can be the digital gold, then Ethereum also has the potentiality of being digital oil
With the help of COVID-19 and several institutional investors, this year, Bitcoin has shown its fabulous performance to become the world’s most attractive asset. However, where all the eyes got stuck into the performance of Bitcoin, Ethereum’s true potential is getting ignored. However, the investment giant 3iQ has launched the first Ethereum based Exchange Traded Funds (ETFs) for Canadian investors to bet on Bitcoin and Ethereum indirectly.
Canadians don’t have to bet on BTC or ETH directly
According to a release from The Motley Fool, it is found that now the Canadian investors can enjoy ETFs products from 3iQ. The investment giant 3iQ has introduced an Ethereum backed first exchange-traded fund in the world to Canadian investors. The fund has also received approval from the Canadian regulators and started trading on the Toronto Stock Exchange. It is found that the Ether Fund is under the ticker TSX:QETH.U, and the BTC fund is under TSX:QBTC.U. Indeed, at press time, the price of one TSX:QETH.U is trading around $12, whereas one TSX:QBTC.U is trading near $30.
Bitcoin could rise 20 times more if it replaces gold completely
This year several billionaires like Stanley Druckenmiller and Paul Tudor Jones II have put bets on the leading crypto coin. According to such billionaire’s Bitcoin has the ability to be a store of value, or the coin can be considered as digital gold. Observing their bets, we can clearly understand the market potential of the token.
According to the World Gold Council, it is measured that currently, the value of total mined gold is roughly $7.5 trillion. On the other hand, the overall value of all mined and unmined Bitcoins currently stands near $350 billion. Observing the current fact, we can conclude that if the token designed by Satoshi Nakamoto takes the position of gold, then it could rise by 20 times.
If Bitcoin is digital gold, then Ethereum can be digital oil
Ethereum, the second most famous cryptocurrency, is different from Bitcoin but has a unique potential. The most vital point is that Ethereum is the backbone of DApp. In the cryptosphere, where several experts consider the leading cryptocurrency as the digital gold, Ethereum is considered the digital oil. Observing the current scenario of digital services and decentralized applications, ETH’s market potential is orders of magnitude, which is greater than the top-performing cryptocurrency.