Bitcoin ETFs Could Triple Gold Counterparts as Asset Matures, Says Bloomberg Analyst Eric Balchunas
Key Takeaways
- •Bloomberg senior ETF analyst Eric Balchunas predicts Bitcoin ETFs will ultimately hold three times the assets of gold ETFs as a generation of investors raised on bitcoin gains wealth.
- •Bitcoin ETFs debuted in 2024 following ten years of SEC denials and have become the most successful exchange-traded fund launch ever, now managing close to $100 billion.
- •Gold ETFs first entered U.S. markets in 2004, giving the benchmark Balchunas is comparing bitcoin against a two-decade head start.
- •Bitcoin posted its least volatile year in its history in 2025, and Balchunas expects an inflection point where large institutions adopt it as a dependable store of value or safe haven as volatility converges with gold's.
- •Balchunas linked younger generations' attraction to bitcoin to government spending and rising prices, with the debasement trade in non-yielding assets such as gold and bitcoin regaining popularity in 2026 amid a weakening dollar.
Bitcoin exchange-traded funds could ultimately become three times larger than their gold counterparts as a generation of younger investors who grew up with bitcoin as their store of value accumulates wealth, according to a leading ETF analyst.
Speaking to Bitcoin Magazine TV on Thursday, Bloomberg senior ETF analyst Eric Balchunas said that while bitcoin's price is currently characterized by volatility, he expects that dynamic to change as the market matures.
Bitcoin ETFs debuted in 2024 after a decade of denials from the U.S. Securities and Exchange Commission. The products had the most successful launch in the history of exchange-traded funds and currently manage nearly $100 billion in assets, according to Coinglass data. The funds trade on stock exchanges and give investors exposure to bitcoin without requiring them to hold the asset directly.
JUST IN: Bloomberg Senior ETF Analyst Eric Balchunas says Bitcoin ETFs will ultimately triple gold "I think as the younger investors get more money and grow up with Bitcoin as their store of value, I do believe that Bitcoin ETFs will triple gold in assets." pic.twitter.com/GU3lp3KIuf
— Bitcoin Magazine (@BitcoinMagazine) September 17, 2026
"I do believe the Bitcoin ETFs will triple gold in assets," said Balchunas. "I always say Bitcoin is like gold as a teenager — you know, gold is 5,000 years old, it was mentioned 450 times in the Bible. I mean that's old, and Bitcoin is 17 years old."
For context, gold ETFs themselves only arrived in U.S. markets in 2004, meaning the products Balchunas is measuring bitcoin against carry a two-decade head start.
Balchunas went on to say that younger generations could end up being drawn to bitcoin as the government continues to spend wildly and everyday goods and services become more expensive.
In his view, Generation Z is currently rebelling against government deficits and inflation by voting for socialist politicians, but bitcoin might be a better bet — because the government can't confiscate it.
Censorship resistance is one of bitcoin's core selling points, but investors appear to be more focused on buying the asset as a way of hedging against currency debasement.
The so-called debasement trade was hot last year and is becoming popular again in 2026, as investors buy non-yielding assets like gold and bitcoin while the dollar grows weaker.
Balchunas added that as bitcoin's price becomes less volatile over time, large institutions will grow increasingly interested in buying the asset as a store of value. Bitcoin recorded its least volatile year in its short history in 2025.
"As that volatility and correlation get closer to gold — look out," he said.
"I think that's when you have the inflection moment where even the big institutions are like, okay, it's finally ready for me to use as a sort of reliable store of value, possibly even a safe haven and an alternative."
This article first appeared on Bitcoin Magazine and was written by Mathew Di Salvo.
