‘It is not a question of do digital assets exist, Bitcoin validates that it is meaningful and that the action Wednesday is a big mark in the history of the broader digital-asset class.”— Paul Ebeling
Bitcoin rallied to a record, Topping $66,000 for the 1st time as optimism surged for greater mainstream acceptance in the wake of the near perfect launch of BITO the 1st ETF for US investors.
The price added more than a $1,000.00 in a minute just after the open of US stock exchanges.
Still there are some holdouts within the Wall Street establishment that hold a deep skepticism about Bitcoin’s role in finance. Critics have cast doubt on claims the asset’s scarcity makes it a long-term store of value and note its slow uptake as a unit of exchange.
BITO, the 1st Bitcoin-linked ETF listed in the US debuted Tuesday as the 2nd-most heavily traded fund on record in a Key moment for the crypto industry. More than 24-M/shares in the ProShares Bitcoin Strategy ETF changed hands Tuesday.
With turnover of almost $1-B, BITO’s debut was behind only a BlackRock carbon fund for a 1st day of trading, the latter ranking higher due to pre-seed investments.
The launch of a Bitcoin futures ETF in the US has driven prices North. Traders and investors perhaps see this is precursor to the Holy Grail, a spot Bitcoin ETF and their optimism is pouring into the largest cryptocurrency at a furious pace, with all money FOMOing into the trade from all corners of the world market.
Bitcoin’s proponents argue that the virtual currency is a store of wealth and a hedge against the most potent threat from inflation in many yrs.
Enthusiasm has also increased on Wall Street: Bank of New York Mellon Corp., Goldman Sachs Group Inc. and Morgan Stanley are among firms offering crypto-related services. Telling us that crypto has gone mainstream.
Over the past few yrs, a whole new crypto-economy has formed. Non-fungible tokens or NFTs, which allow holders of digital art and collectibles to track ownership have come into the limelight.
So has the decentralized finance, DeFi, an ecosystem, which allows people to lend, borrow, trade and take out insurance directly from each other, without use of intermediaries such as banks.
Bitcoin’s record comes in time for its birthday the digital coin was born on Halloween 2008 with the publication of a research paper by someone named Satoshi Nakamoto.
The paper was entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Its birth ignited a digital currency revolution that led to the emergence of more than 12,000 other coins. The total market value of cryptocurrencies exceeds $2.5-T.
Have a prosperous day, Keep the Faith!