Bitcoin Hits All-Time High Value
It’s your lucky day if you happen to have some Bitcoin in the virtual bank, because the cryptocurrency has reached a new all-time high.
‘Bitcoin?’, my dad responded, ‘never heard of it, sounds like it would be a waste of money. No, you can’t.’
Fast-forward to today, and just one unit of Bitcoin would have earned my hopeful brother thousands of pounds. Needless to say, my dad has since apologised for his lack of foresight when it comes to cryptocurrency.
While the rest of us have spent most of this year just trying to get over the events of 2020, Bitcoin has largely been thriving and by April had already more than doubled its value from the start of the year.
Exactly a year after trading at just $7,000 in April 2020, the cryptocurrency hit a high of $63,000 (£45,800). Another six months on, and it’s shattered the previous record as it reached its new all-time high of more than $66,000 (£47,700) today, October 20.
October has been a strong month for Bitcoin after it began the month around $43,000, The Independent reports, with the new high meaning it has managed to gain almost half its price over again in the last 20 days.
The record-breaking value comes amid the launch of a new exchange-traded fund named the ProShares ETF, which opens up the market to traders and investors who are unwilling to buy and sell cryptocurrencies directly through exchanges, instead offering a more regulated structure.
Matt Senter, chief technology officer of bitcoin rewards app Lolli, told The Independent a bitcoin ETF will ‘provide even more exposure to bitcoin for those who are perhaps wary of buying it directly from an exchange’.
He continued: ‘By allowing individuals to invest in bitcoin through ETFs that track its underlying value, investors can become familiar with bitcoin while fielding aspects of the ownership experience that may be daunting to crypto novices, such as navigating exchanges, wallets and private keys.’
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