When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers this year as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other more risky bets.
Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. Industry advocates say a new way to invest in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the cryptoverse while lowering some of the well-documented risks associated with investing in cryptocurrencies.
There’s rising optimism about the possibility of bitcoin exchange-traded funds — a pooled investment security that can be bought and sold like stocks — potentially being launched.
A green light from federal regulators hasn’t arrived yet, but recent wins for some crypto fund managers with applications for bitcoin spot ETFs have improved odds for approval, perhaps in the coming months.
This story is from the October 28, 2023 edition of Techlife News.
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This story is from the October 28, 2023 edition of Techlife News.
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