Five charts to start your day

Bitcoin's price is soaring. Has it become the new gold?

On a cold January morning, a fresh breeze swept through the financial markets. An unusual tweet sent from a government agency's hacked account singled that change was in the air. The event sent Bitcoin's price soaring, despite proving to be a mirage.

At first denied by the SEC, a day latter the financial regulator then confirmed what was widely known to be coming: they had approved 11 spot bitcoin exchange-traded funds.

This act offered a chance to those not quite ready to venture into the crypto-wilderness directly. It was a moment marked by the hum of possibility – a sound that, in just a couple of months, would become a roar.

If you don’t believe me then check out the first chart produced by Charlie Bilello because that's where we are. Assets Under Management (AUM) for these novel Bitcoin ETFs have more than doubled from their starting mark.

While the steadiness of gold whispers stability, the sharp incline of Bitcoin's AUM ascent indicate a tightened level of confidence in the crypto market. Investors, it seems, are ready to ride the wave of the future, even if it means enduring the ebbs and flows of a more volatile asset.

Source: Charlie Bilello

Coming up:

• Asia and Africa are undergoing a population explosion

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• US college tuition fees have risen less that inflation

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