The first-ever Bitcoin ETF (BITO) started trading yesterday on the New York Stock Exchange. The long-awaited event spurred a rally, with Bitcoin trading at over $66,000, the highest value ever held.
Twenty-four million shares were traded yesterday, which makes it the second-biggest ETF debut. There was so much hype about it in the days and weeks before it happened that investors were ready with cash in hand.
Crypto entrepreneur Antony Portno said, “The approval of a bitcoin ETF undoubtedly further boosts the credibility of bitcoin as a global investment.”
The Bitcoin ETF allows investors to trade on Bitcoin without holding the Bitcoin itself. To some investors, that’s a safe bet. They get to profit from the action on Bitcoin without worrying about storage complications, or any of the other concerns Bitcoin brings with it.
But Bitcoin advocates are more than willing to put up with those worries because they know holding actual Bitcoin is essentially more profitable than betting on its future.
Bears are looking for dips. But they’re not seeing any now. Bitcoin continues to rise, and it doesn’t look like it will drop significantly any time soon.
Last week, it broke $60,000, which it hadn’t seen since April. But, it’s been steadily holding above $60,000 since. If anyone were interested in getting into Bitcoin, now would be the time. It doesn’t look like it’s going to come back down. It just might be on its run to $100,000 like some financial experts have been calling.
“The positives continue to outweigh the negatives for the burgeoning asset class, and we think that the price of bitcoin will likely rally further,” says financial analyst Mikhael Karkhalev.
With the U.S. printing more dollars and the rest of the world watching, fiat loses its value. Bitcoin will continue to be a phenomenon because there is only 21 million Bitcoin to mine. After that, there will be no more Bitcoin made or duplicated or anything. Those 21 million Bitcoin will be all that exists, and that will cause the value to increase and keep on increasing.
If you don’t have Bitcoin, Byte Federal is the place for all your Bitcoin needs.