Bitcoin has experienced a resurgence in interest in anticipation of a possible Exchange Traded Fund (ETF) approval as multiple firms are poised to move quickly and offer a spot ETF if approved by the Securities and Exchange Commission (SEC). While the SEC has long battled a BTC ETF, their arguments seem to be weakening.
As of this moment, Bitcoin is trading at around $42,000, having risen by about 14% in the past week. It has been more than a year since Bitcoin traded this high.
Alex Adelman, CEO and co-founder of Lolli, a Bitcoin rewards app, shared a comment on the increase in value of BTC:
“Bitcoin’s rally to $40,000 signals a paradigm shift in the financial markets. Bitcoin has become accepted as a legitimate, transformative force in the financial markets, up over 60% since September as anticipation of Bitcoin approvals builds on the cusp of the new year. Bitcoin ETFs promise to catapult Bitcoin into even broader mainstream acceptance, bringing digital assets firmly into the fold of the traditional financial ecosystem. With escalating geopolitical conflicts, bitcoin is a particularly appealing investment now as a decentralized digital currency that exists outside the jurisdiction of any single government. Bitcoin’s independence positions it as a safe haven asset, attracting investors seeking a stable alternative to the uncertainties of traditional currencies.”
Bitcoin’s all-time high is around $67,000 in 2021. It has been downhill since that high point, but 2023 has been better for the world’s most popular crypto, which started the year at just under $17,000. Today, some people are predicting a rise to $100,000 – something we have heard in the past that has yet to become true, but 2023 could be different.