Bitcoin is currently trading at just over $37,000 a coin. Much higher than the beginning of the year when it was trading at around $16,000 a coin. With that in mind, one can see that Bitcoin is having a really good year. Bitcoin’s up 124% so far year-to-date which makes it one of my best performing investments of the year.
The real question is, why? Why is Bitcoin up so much this year? Especially considering the fact that a good chunk of that growth happened in the last couple months.
The big reason is the idea of a spot Bitcoin ETF. I’ve written before that Blackrock, along with several other companies, are trying to create a spot Bitcoin ETF, but the market believes we are getting really close to this being a reality. Several asset management companies are trying to create one, but Blackrock is who I am most excited about as they are the largest asset manager in the world.
I’ve been really excited about the possibility of a Bitcoin ETF. I believe that the price of Bitcoin will skyrocket when it’s approved. An ETF like this would make it so much easier for someone to buy and hold Bitcoin. It makes it easier for companies to buy Bitcoin. I believe that when this finally happens, a lot of money will pour into Bitcoin.
I’m very happy with the performance of Bitcoin so far this year.
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