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In a significant boost for Bitcoin, Garbor Gurbacs, a renowned digital assets strategist at VanEck and Tether, has delivered an optimistic message to the cryptocurrency world. Utilizing his platform on Twitter/X, Gurbacs emphasized a crucial development in the Bitcoin landscape. His bullish proclamation centers on the staggering rate at which spot Bitcoin Exchange-Traded Funds (ETFs) are purchasing and storing Bitcoin. According to Gurbacs, these ETFs are currently securing approximately 4,700 BTC daily into cold storage. This rate vastly outpaces the daily production rate of Bitcoin, which stands at 900 BTC. By acquiring over five times the amount of Bitcoin mined each day, these ETFs are not only underscoring the growing institutional interest in Bitcoin but also potentially influencing its scarcity and value. Gurbacs’s statement serves as a beacon of optimism, suggesting a robust and bullish future for Bitcoin in the financial landscape.
