With the increase of hyperinflation in some of the world’s largest nations, the struggle of certain economies to cope with the effects of the COVID-19 epidemic, and the continued clamor from cash in central banks throughout the globe, bitcoin is prepared to soar even higher than it has already done this week. Let’s take a look at what transpired in the world of Bitcoin this week but before we go to that, please register yourself on bitcointrader2, and join the bitcoin community to learn to trade in the digital currency.
The Latest Bullish ETF News, As Well As Additional Information
As the market braced itself for the debut of the ProShares Bitcoin ETF on Tuesday, news broke on Monday that sent the sector into a frenzy. Even though nothing has transpired in the previous decade to demonstrate bitcoin’s worth, billionaire Carl Icahn said that inflation might establish bitcoin’s value.
The first bitcoin exchange-traded fund (ETF) in the United States was launched to great fanfare on Tuesday, garnering $250 million in transactions in the first 15 minutes of trading and prompting other businesses to confirm intentions to establish bitcoin ETFs shortly. According to bitcoin bull Tom Lee, bitcoin ETFs would get $50 billion in inflows within the first year, which is a conservative estimate given that Grayscale failed to convert their $38 billion funds into an ETF on the same day Lee made his prediction.
A record-breaking $1 billion in deals were completed on the first day of trading for the $BITO ETF, paving the way for a very positive Wednesday. It all began with a new film showcasing El Salvador’s 100 % renewable bitcoin mining facility, which uses geothermal energy produced by the country’s volcanoes to power its mining operations. The $BITO ETF’s trading volume surpassed $1 billion soon after 1 p.m. on the second day of trade, indicating that bitcoin is on the rise. Bitcoin broke past the $65,000 barrier and then the $66,000 barrier, hitting a new all-time high of more than $66,878, and therefore becoming the world’s 13th most significant currency.
Billionaire Peter Thiel argued that bitcoin represents “hope” in the battle against tyranny and government control. The day came to a close with PIMCO, a $2.2 trillion fund manager, announcing intentions to “invest more” in Bitcoin and other digital assets going forward.
Even though bitcoin saw a drop on Thursday, the cryptocurrency remained positive as the former U.S. The bullishness of the day continued with the investment in bitcoin by The Houston Firefighters’ Relief and Retirement Fund, which became the first public pension fund in the United States to make such an investment. The New York Digital Investment Group (NYDIG) handled the $25 million investment in bitcoin and ether.
The CME Group overtook Binance as the world’s biggest bitcoin futures exchange on Friday, ensuring that the remainder of the week did not get all of the attention. Valkyrie became the second company in the United States to establish a bitcoin futures exchange-traded fund (ETF).
Verdict
If you wish to possess bitcoin, you must first accumulate a sufficient amount of sats and put them in a wallet in which you have complete control over the keys. It isn’t that tough to grasp the gist of it. On the other hand, retail investors and speculators are enthusiastic about futures trading. The current bitcoin ETF mania in the United States seems to be the only thing that’s hot right now, particularly in light of Grayscale’s ambitions to turn its successful GBTC fund into an ETF. In the near run, this should prove to be a driver for bitcoin’s development, particularly given the current state of the world economy.
However, as seen by the 2017 bull run, both institutions and speculators are likely to be the driving force behind the next significant drop. Obviously, until that occurs, and even if it does occur this time around, bitcoin will continue to thrive, and spikes like this week (exceptionally Wednesday’s) will be commonplace. Over the next several months, we’ll regularly witness new all-time high sets, bitcoin’s price will break over the six-figure mark for the first time, and many HOLDers will become millionaires for the first time in their lives.
I do not doubt that bitcoin will reach $100,000 shortly; at this time, bringing up the number of $100,000 is becoming an increasingly hostile proposition. Because of the increasing number of individuals across the globe who are adopting laser eyes and embarking on the road to financial liberty, Bitcoin may very well reach $200,000 or even $300,000 in the coming months.
Even as bitcoin’s price continues to rise and its detractors become more vocal, it is clear that the cryptocurrency still has a lot of momentum left in it. The detractors become more verbal, and I’m not going to say much more at this point than I’ve been saying for months: buckle yourself in, load your belongings, and enjoy the ride because the bull run is far from finished.
