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.
“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.