Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Stock

Bitcoin approaches new all-time high after surpassing $65,000

The price of bitcoin soared past $65,000 Monday, putting it within striking distance of its all-time high reached in November 2021.

The cryptocurrency has gained 48% in 2024 and is approaching the intra-day all-time high of more than $68,000

The latest rally is being fueled by hopes that the launch of bitcoin exchange-traded funds, or ETFs, will expand the pool of bitcoin buyers.

These ETFs were approved in January by the Securities and Exchange Commission as a means of making it easier for investors to gain exposure to the price movements of bitcoin as part of a diversified portfolio without having to go through the sometimes onerous process of owning the digital coins themselves.

The ETFs have collectively already seen billions of dollars of investments.

The cryptocurrency world is also banking on a price rally coming after a technical event known as ‘halving’ occurs in April. This causes the rate of supply of new bitcoin to decline. Thus, if demand remains unchanged or even grows, the price goes up.

Bitcoin remains highly controversial, and many mainstream investment experts and market regulators urge caution about investing in it. For instance, SEC Chair Gary Gensler said the agency’s ETF approvals were not an endorsement of bitcoin, calling it a “speculative, volatile asset.”

And in a blog post in January, executives at financial giant Vanguard echoed that view, stating cryptocurrencies like bitcoin are ‘more of a speculation than an investment’ which is why the company does not offer crypto products.

‘With equities, you own a share of a company that produces goods or services, and many also pay dividends,’ Vanguard said. ‘With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, have inflation-hedging properties, and can play a role in certain portfolios.’

‘While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.’

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com