Most investors have certainly heard about Bitcoin by now. The world's first and most valuable cryptocurrency has skyrocketed in price. It's up 956% just in the past five years, outperforming major stock indexes.

This impressive track record easily grabs the attention of the investment community. However, some open-minded investors might still be hesitant to own Bitcoin directly. Luckily, there's a popular exchange-traded fund (ETF) offered by massive asset manager BlackRock that might be just what you're looking for.

I'm talking about the iShares Bitcoin Trust (NASDAQ: IBIT) . Can this ETF be a millionaire maker?

Bitcoin's welcome party

In January 2024, history was made. The Securities and Exchange Commission finally approved the trading of spot Bitcoin ETFs. A seminal moment in Bitcoin's history, this was a clear sign that regulators viewed the digital asset as a legitimate financial instrument.

Seeing the huge demand there would be to gain exposure to Bitcoin, asset managers didn't take their time before jumping into the waters. BlackRock's iShares Bitcoin Trust quickly became the most popular product on the market. After months and months of strong capital inflows, as of this writing, it holds $59 billion worth of Bitcoin.

The political backdrop has become more favorable for Bitcoin. President Donald Trump has said he wants to create a Bitcoin strategic reserve. He also wants the U.S. to support mining activities. It's also worth noting that Treasury Secretary Scott Bessent owned the iShares Bitcoin Trust before having to divest it for any possible conflicts of interest. Bitcoin has infiltrated Washington and Wall Street, which makes it a less risky bet than ever before.

A more convenient way to play

To be clear, investors must be bullish on Bitcoin if they want to buy the iShares Bitcoin Trust. The facts that the cryptocurrency is decentralized (not controlled by any single entity) and has a fixed supply cap of 21 million coins are wonderful characteristics.

Since the Great Recession, governments have borrowed more and more to fund their fiscal deficits. Even the U.S., the world's economic superpower, has been financially irresponsible. Viewed in comparison, it makes sense why more people are interested in Bitcoin.

The purest way to gain exposure to Bitcoin is by buying it directly on a crypto exchange, like Coinbase Global , before transferring it offline to a cold wallet . This method does require a bit of a time commitment to learn how to technically do everything properly. However, it allows individuals to take more control of their holdings.