Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Fifteen years since its creation and after years of dramatic rises and falls, bitcoin has finally hit six figures, a feat most thought impossible even a few years ago.
As the world’s largest cryptocurrency, it boasts a market capitalization of nearly $2 trillion, making it one of the most valuable assets on the planet and arguably the best-performing asset in history. Comparatively, when first launched by the pseudonymous Satoshi Nakamoto in 2009, it could effectively be earned for free.
But what is behind its precipitous rise, and is this the start of a true crypto golden age?
The approval of spot bitcoin ETFs in January paved the way for what has been a stellar year for bitcoin, opening the door to institutional investment and helping legitimize bitcoin in the eyes of traditional financial markets.
On the first day of trading, bitcoin ETFs broke records with billions in volume and have now recorded more than $130 billion in inflows. Platforms like Public have further broadened bitcoin’s reach by combining crypto trading with educational resources, enabling everyday investors to trade digital currencies.
Since then, the US election result has added fuel to the fire, and the incoming Trump administration is also almost certain to be the most crypto-friendly in history.
Gary Gensler, the incumbent SEC chair in the Biden administration, has been stridently anti-crypto. President-Elect Trump looks set to replace him with an explicitly pro-crypto candidate, which is likely to signal a seismic shift in US policy toward crypto regulation.
The launch of bitcoin ETF options on November 20 has further signaled the fervent demand for bitcoin, with a record $1.9 billion in contracts traded on the first day.
MicroStrategy, the software company that has been turned into a proxy bitcoin trust by chairman Michael Saylor, is now the most traded stock in America.
According to Bloomberg analyst Eric Balchunas, the so-called “Bitcoin Industrial Complex” hit a daily trading volume of $50 billion on November 21.
All in, it’s hard to imagine a more bullish environment for bitcoin and cryptocurrency as a whole.
In crypto vernacular, WAGMI stands for “We Are Going to Make It.” In bitcoin’s case, it seems it finally has.
Build your portfolio with crypto
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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