Bitcoin just hit its all-time high, soaring well over $64K. These 5%+ gains come just one day after The ProShares Bitcoin Strategy ETF, the first fund of its kind available in the U.S., started trading on NYSE.
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In light of this news, below are comments from Kay Khemani, Managing Director at Spectre.ai, the world’s first broker-less crypto trading platform. Kay was formerly Executive Director at Goldman Sachs, and previously worked at JP Morgan. His educational background is in Finance at the London School of Economics.
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Bitcoin Hits All-Time High
Kay Khemani, Managing Director at Spectre.ai:
“This all-time high does not come as a surprise: it was written on the cards well back since Bitcoin’s bulls held the $30,000 Maginot line which had inspired a false sense of security. The fundamental catalyst that has enabled Bitcoin to hit an all-time record price has no doubt been the recently approved ProShares Bitcoin Futures ETF, which will likely lead to more adoption of the currency triggering a powerful feedback loop that looks certain to ignite the flame for a continued bull run.
"The Bitcoin story has been in somewhat of a holding pattern this year. Favourable regulation for Bitcoin which would see it being weaved into the existing financial fabric has been one of the biggest upside catalysts for the bull run. This still remains a known unknown. The other catalyst, however, is ETF approvals in the U.S. — now that the latter is a reality, it will allow for further institutional adoption of the asset over time and thus lead to increased demand.”