Just as Bitcoin briefly surpassed 105K with an annual increase of over 70%, John D’Agostino, the strategy chief of the well-known exchange Coinbase, stated in an interview on May 12 that Bitcoin has long since detached from being viewed alongside tech stocks. The influx of capital into Bitcoin ETFs indicates market affirmation of its “digital gold” attributes. Moving forward, it will be crucial to see if the majority of financial advisors in the United States begin to actively recommend these products.
Bitcoin ETF Explosion: BTC Capital Flows Surpass Gold
D’Agostino was the first to announce:
Since April 23, capital inflows into Bitcoin ETFs have exploded, accumulating over 5.5 billion dollars, and the pace far exceeds that of gold ETFs. He believes the “greatest driving force” behind this demand is:
The limited quantity of Bitcoin contrasts sharply with the explosive growth in demand.
Do Not Consider Bitcoin as Tech Stocks: Coinbase Views BTC as a Gold Substitute
Regarding whether Bitcoin should be regarded as gold or tech stocks, D’Agostino stated:
“Especially after this wave of capital flow into Bitcoin ETFs, I believe BTC should no longer be considered part of tech stocks.” He acknowledged that this positioning is somewhat subjective, but for Coinbase internally and among institutional clients:
“Viewing Bitcoin as a gold substitute makes its investment logic easier to understand.”
Bitcoin ETFs Could Surge Further: The Key Lies in Financial Advisors’ Recommendations
D’Agostino further expressed that the current performance of Bitcoin ETFs has been excellent, but:
“Asset management companies have yet to enable their businesses or financial advisors to promote these products, similar to how employees in a Nike store cannot endorse Nike.”
Once market advisors begin actively recommending these products, it will mark the true explosion of the Bitcoin ETF market.
How to View Other Coins: Diversify Like Venture Capital
D’Agostino presented a perspective on risk diversification:
The first layer is Bitcoin: akin to digital gold, possessing hedging and value storage properties.
The second layer consists of the top 20 mainstream coins: most have practical uses or technological innovations.
The third layer and below resemble the venture capital market: high risk but with the potential for explosive growth.
Trump Family Involved in Crypto? D’Agostino Claims This Will Promote Legislation
Regarding the Trump family’s holding of cryptocurrencies, D’Agostino emphasized:
“We actually call for clearer regulatory rules, as this will help the entire industry develop.” He stated that the U.S. should:
First have legislation,
Then establish rules,
Finally enforce them to build market confidence.
Should Insider Trading in Bitcoin Be Regulated? D’Agostino Says Treat It Like Stocks
On whether the crypto market should implement “insider trading regulations,” Josh clearly stated:
“I personally believe it should; traders should adhere to the same rules as those in the stock market.” However, he also admitted that unlike companies, cryptocurrencies lack clear internal information, making the definition of insider information more ambiguous and enforcement more challenging.
Can Congress Members Trade Cryptos?
D’Agostino stated that everyone must comply with the rules. In response to whether Congress members should be restricted from engaging in crypto trading, D’Agostino replied:
“Everyone should adhere to the same standards.” He did not name names directly but echoed external doubts regarding the “double standards” in congressional trading behavior.
Bitcoin ETFs Rewrite the Crypto Market Landscape: The Next Wave Depends on Who First Turns on the Recommendation Switch
From Bitcoin’s surge, the explosion of Bitcoin ETFs, to discussions on the Trump family’s crypto involvement and regulation, D’Agostino’s core message is:
“Bitcoin is no longer just a speculative asset, but has entered the mainstream options for asset allocation.” The next explosion point will depend on when financial advisors can “start recommending” these products.
According to SoSoValue data, the total market capitalization of Bitcoin ETFs has reached 121.18 billion dollars.
Risk Warning
Investment in cryptocurrencies carries a high level of risk, and prices can be highly volatile, potentially resulting in the loss of your entire principal. Please evaluate risks carefully.