In recent months, major financial institutions have warmed to Bitcoin, increasing coverage and providing increasingly positive information. In their latest report, Bank Of America revealed that the trading volume of Bitcoin has surpassed that of GLD, the biggest gold ETF in the market.

Digital Currency Group founder and CEO Barry Silbert tweeted in May 2016 that the total amount of gold in circulation was over $7 trillion.

Since then, bitcoin has exponentially grown, with the market cap rising from $8 billion to $42.6 billion in just over a year. Analysts have attributed the rising price of bitcoin to the increase in demand from casual and institutional investors, legalization of the digital currency by various countries including the U.S.A, South Korea, the Philippines, Japan and Australia, as well as an increase in mainstream adoption.