Bitcoin just hit an amazing new record high of $65,000. This is a VERY BIG deal, as the cryptocurrency has been going through a rough year. It’s taken several months to get back to where it was before, and it appears that Bitcoin is on it’s way in the journey to $100,000.
According to CNBC, this move by bitcoin is huge for investors:
Bitcoin notched a fresh all-time high on Wednesday as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund.
The world’s largest cryptocurrency climbed about 3% to $66,024.99 by 10:10 a.m. ET, topping a previous record of $64,899 set in mid-April.
Bullish comments from a legendary trader also boosted sentiment. Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold.
“Bitcoin would be a great hedge. Crypto would be a great hedge,” Jones told CNBC’s “Squawk Box” on Wednesday. “There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment … I would think that would also be in very good inflation hedge. It would be my preferred one over gold at the moment.”
Ethereum also rose more than 4% to cross back over the $4,000 level. The world’s second largest cryptocurrency traded at $4,005.91, approaching its all-time intraday high of 4,380 in May.
The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5% on its first day of trading Tuesday.
Not everyone in the crypto market was impressed. Several bitcoin investors want an ETF that tracks spot prices rather than futures.
Novice investors have had to get to grips with terms like “contango,” where the futures price of a commodity is higher than its spot price, and “backwardation,” which is essentially the opposite.
Here’s the definition of bitcoin, according to Investopedia:
What Is Bitcoin?
Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.
Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted). All bitcoin transactions are verified by a massive amount of computing power via a process known as “mining.” Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity. Despite it not being legal tender in most parts of the world, bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as “BTC” when traded.
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Dr Boyce Watkins is a PhD in Finance. You can learn more by visiting http://BoyceWatkins.com. #BlackWealth
We believe that Bitcoin can ensure growth in black wealth over time and is a great asset to own in your portfolio.
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