Randall Forsyth on fund flows going into cryptocurrencies

One would have thought that the Fed’s rapid monetary expansion [$4.2 trillion increase in M2 money supply over the past year] to help spur the economy’s recovery would have lifted gold.  But the main beneficiaries have been cryptocurrencies.  According to a J.P. Morgan report, $20 billion flowed out of gold exchange-traded funds in the most recent two quarters, while $7 billion went into Bitcoin funds. 

~  Randall Forsyth, editor of the Up & Down Wall Street column, Barron’s, April 10, 2021