Bitcoin Runs Sky High Yet Again

Benny Marty /
Benny Marty /

Starting March with a historic run, the oldest Cryptocurrency in existence, Bitcoin, has shaken off two years of dust and gone on an incredible run. With a previous high record of $68,789 on November 10, 2021, the coin just missed $70k on March 5th. With US regulators granting approvals to exchange-traded funds being tied to the digital asset, now more traditional and familiar investments can get tied in with crypto.

With years of lobbying by crypto firms, the Securities and Exchange Commission only accepted them when they had no choice. A court’s rejections of bitcoin ETF applications were ruled “arbitrary and capricious.” In essence, this means people can have access to Bitcoin and other cryptocurrencies without needing to get a digital wallet or deal with a cryptocurrency exchange.

Companies like Robinhood were already poised for this situation. Established first as a zero-cost trade platform, they appealed to new and eager investors. Adjusting fire to open a crypto exchange that ran 24/7 was a no-brainer and one they aced. It served as a success story for crypto, and your legacy investor is now ready to take it seriously.

Antoni Trenchev, co-founder of crypto lender Nexo Capital, published a statement after the new high was reached. “To fully appreciate this new record, we need to acknowledge the cascade of events that shook the crypto market to the core in 2022 and 2023 and marvel at bitcoin’s ability to perennially bounce back from adversity.” Making up over half of the crypto transactions, they have shot up 200% in the last 12 months.

The more crypto spreads and is accepted, the closer we are to decentralized banking. While the idea of anonymous money is a great one, the realization that it can all be wiped out in an instant is still one we all need to have. Investors still need to hedge their bets with traditional “safeguards,” but if you keep letting the crypto train pass you by, you are leaving money on the table.