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Fifteen years since its creation and after years of dramatic rises and falls, bitcoin has finally hit six figures, a feat most thought impossible even a few years ago.
As the world’s largest cryptocurrency, it boasts a market capitalization of nearly $2 trillion, making it one of the most valuable assets on the planet and arguably the best-performing asset in history. Comparatively, when first launched by the pseudonymous Satoshi Nakamoto in 2009, it could effectively be earned for free.
But what is behind its precipitous rise, and is this the start of a true crypto golden age?
The approval of spot bitcoin ETFs in January paved the way for what has been a stellar year for bitcoin, opening the door to institutional investment and helping legitimize bitcoin in the eyes of traditional financial markets.
On the first day of trading, bitcoin ETFs broke records with billions in volume and have now recorded more than $130 billion in inflows. Platforms like Public have further broadened bitcoin’s reach by combining crypto trading with educational resources, enabling everyday investors to trade digital currencies.
Since then, the US election result has added fuel to the fire, and the incoming Trump administration is also almost certain to be the most crypto-friendly in history.
Gary Gensler, the incumbent SEC chair in the Biden administration, has been stridently anti-crypto. President-Elect Trump looks set to replace him with an explicitly pro-crypto candidate, which is likely to signal a seismic shift in US policy toward crypto regulation.
The launch of bitcoin ETF options on November 20 has further signaled the fervent demand for bitcoin, with a record $1.9 billion in contracts traded on the first day.
MicroStrategy, the software company that has been turned into a proxy bitcoin trust by chairman Michael Saylor, is now the most traded stock in America.
According to Bloomberg analyst Eric Balchunas, the so-called “Bitcoin Industrial Complex” hit a daily trading volume of $50 billion on November 21.
All in, it’s hard to imagine a more bullish environment for bitcoin and cryptocurrency as a whole.
In crypto vernacular, WAGMI stands for “We Are Going to Make It.” In bitcoin’s case, it seems it finally has.
Over 20 cryptos. Access 20+ coins and tokens, including industry giants like BTC and ETH.
Spot Bitcoin ETFs. Buy into the Bitcoin market without owning crypto directly. Invest in a fund that tracks Bitcoin's real-time price—no wallet or keys required.
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Crypto limit orders. Set precise entry and exit points, ensuring you buy or sell at your preferred price.
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All investing involves risk. Brokerage services for US listed securities, options and bonds in a self-directed brokerage account are offered by Public Investing, member FINRA & SIPC. Not investment advice. Cryptocurrency services are provided by Bakkt Crypto Solutions, LLC (NMLS ID 1890144) through a software licensing agreement between Bakkt Crypto Solutions, LLC (“Bakkt”) and Public Holdings. Bakkt is not a registered broker-dealer or a member of SIPC or FINRA. Cryptocurrencies are not FDIC or SIPC insured. Bakkt Crypto Solutions, LLC is licensed to engage in virtual currency business activity and money transmission by the New York State Department of Financial Services. Please ensure that you fully understand the risks involved before trading. See here for Bakkt licenses and disclosures. Before investing in an ETF, you should read the prospectus carefully, which provides detailed information on the fund’s investment objectives, risks, charges, and expenses and unique risk profile. Prospectuses can be found on the ETF issuer’s website. All investments involve risks, including the loss of principal. Performance data represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate such that an investment, when redeemed, may be worth more or less than the original cost. A spot bitcoin exchange-traded product (“ETP”) is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA. The performance of a spot bitcoin ETP will not reflect the specific return an investor would realize if the investor actually purchased bitcoin. Investors will not have any rights that bitcoin holders have and will not have the right to receive any redemption proceeds in bitcoin. Digital assets like Bitcoin are highly speculative and may be subject to increased risk of price volatility, illiquidity, market manipulation, and loss, including loss of your entire investment.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
As part of Finder’s October 2024 Cryptocurrency Prediction Report, we asked a panel of 28 experts who they thought was the most crypto friendly candidate.
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