Is it the Bitcoin ETFs? The Halving? The debt debacle in the US? Whatever it is, Bitcoin has hit a new all-time high.
According to Coinbase, Bitcoin briefly breached $69,000 – the highest valuation ever. Currently trading at around $68,000 some prognosticators are predicting that Bitcoin is poised to go even higher.
Clearly, the platoon of Bitcoin ETFs has helped as demand has surged. And the halving, which is just around the corner will make supply lower thus putting pressure on pricing.
And the inability of the US to manage its finances responsibility is a virtual time bomb. During the Biden Administration, the country saw its national debt rocket by $6.25 trillion. Of course, during the Trump tenure, the federal government spent almost $8 trillion on something. So, where do you go to hedge? Bitcoin perhaps. Don’t hold your breath on the US government getting their act together anytime soon.