Bitcoin Nears Record Highs

Bitcoin Nears Record Highs

Bitcoin Nears Record Highs

Bitcoin Hits 3-year Peak, Nears Record High on US ETF Approval Talk

Bitcoin hit its highest levels in more than 3 years Thursday and came within $3 of an all-time high, on speculation that the 1st Bitcoin ETF (exchange-traded fund) is set to receive approval from the US financial regulator.

Traditional financial players have largely shunned the web-based “crytpocurrency,” viewing it as too volatile, complicated and risky, and doubting its inherent value.

Some analysts say regulatory approval of a Bitcoin ETF would make the currency relatively attractive to the often more cautious institutional investor market.

The SEC will decide by 11 March whether to approve one filed almost four years ago by Cameron and Tyler Winklevoss. If approved, it would be the 1st Bitcoin ETF issued and regulated by a US entity.

 “If approved this would certainly give a dramatic condoning of bitcoin by the authorities and powers that be,” digital currency analytics firm Cryptocompare said.

“Perhaps key would be the institutional money which would flow into bitcoin. This would bring a certain amount of stability eventually but could see short-term exuberance by retail traders,” it said.

Bitcoin climbed 125% in Y 2016, outperforming every other currency, as it did every year since Y 2010 except Y 2014.

Note: The S&P 500 stock index rose 9.5% last year.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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