Bitcoin just hit its all-time high.
On March 5, the cryptocurrency bitcoin crossed $68,900, the highest price in its 15-year history. The news comes less than two years after a vicious industry-wide crypto meltdown that vaporized billions of dollars and culminated in the criminal convictions of industry titansMost analysts aren’t surprised by this rebound: bitcoin has long risen and fallen in volatile cycles. But they are split about what its price surge means for the future.
But the trend of major institutions leading the price surge has crypto skeptics worried. “The involvement of traditional and trusted financial firms like BlackRock and Fidelity not only provide false comfort, but also a level of assumed legitimacy,” says Dennis Kelleher, a co-founder of the financial reform advocacy group Better Markets. “Financial firms have engaged in a massive marketing campaign that’s just getting off the ground, and opened up a gigantic new pool of Main Street investors.
Erlam and Qureshi also disagree on the impact that the rise of AI may have on bitcoin. Erlam contends that AI will absorb much of bitcoin’s oxygen. “AI stocks can now move from $20 to $50 to $100 in a short period of time—and those speculative instruments have both real life use cases and potentially massive returns,” he says. “If we start seeing more and more use cases emerge in AI, it will be an interesting test for bitcoin.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why some cyber-attacks hit harder than othersThe British Library has been hobbled for months by a cyber-attack and experts warn of similar damage ahead.
Read more »
Why We're About to Hit Peak Ryan Gosling at the OscarsIn the first episode of our new video series, Freeze Frame, Ryan Gosling analyses three key scenes from his new Netflix action movie 'The Gray Man'. He talks one-liners, bad moustaches, bubblegum mishaps and Ana de Armas' chances of earning a James Bond spin-off.
Read more »
Why Cristiano Ronaldo has been banned in Saudi Arabia and why his gesture is offensiveCristiano Ronaldo will miss Al Nassr's next match after he was banned for a gesture he directed at opposition fans
Read more »
Bitcoin price passes $69,000 to set brief new recordMore than $7.5bn has flowed into new spot ETFs since their approval by US regulators in January
Read more »
Bitcoin price briefly tops $69,000 for new all-time highThe cryptocurrency has leapt in value after US finance giants poured billions into buying bitcoins.
Read more »
As banks buy up bitcoins, who else are the 'Bitcoin whales'?There will only ever be 21 million bitcoins, and US financial giants are buying up thousands.
Read more »