The price of Bitcoin soared to a record high yesterday trading at about $68,791, which is $2 more than its original high back in November 2021.
The Securities and Exchange Commission (SEC) who approved Exchange-Traded Funds (ETFs) in January helped propel the surge. The approval makes it easier for traditional investors.
Gary Gensler, SEC Chair said even though Bitcoin ETFs were approved, they are not endorsing the agency and added it is a “speculative, volatile asset.”
Financial giant Vanguard agreed saying crypto currencies such as Bitcoin are “more of a speculation than an investment.” They added, “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.”
Bitcoin is up more than 200% over the past year and counts as more than half of all crypto currency in circulation.
By - FZ
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