Will bitcoin break $10,000 next month?
It’s been a great couple of weeks for the bitcoin price, with the world’s largest cryptocurrency adding almost 20% to its value in just the last seven days and taking its market capitalisation to $131 billion.
The latest bitcoin bull run has been brought on by a raft of good regulatory news from countries around the world and signals institutional money is eyeing bitcoin as a way to cut costs and make returns for investors.
Now the next big bitcoin price boost could come as soon as next month, potentially powering bitcoin above the $10,000 mark and beyond (despite a worrying warning over bitcoin’s future from the European Union last week).
The U.S. Securities and Exchange Commission (SEC) is currently weighing whether to approve a bitcoin exchange-traded fund (ETF), a request filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.
If approved a bitcoin ETF would mean people are able to buy into bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust.
By Billy Bambrough, Forbes