Bitcoin is nearing record highs.
In fact, the digital currency is now up to $63,960 and could soon see $65,000.
All thanks to explosive interest from retail and institutional investors, and a new Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) – the first U.S. Bitcoin linked ETF that offers investors exposure to Bitcoin futures contracts.
“The ETF approval is a watershed moment for the industry,” Bitcoin Foundation chairman Brock Pierce said, as quoted by CNN. “This moment is long-awaited, as numerous entrepreneurs and firms have sought approval from regulators since as early as 2013. Today begins an era where retail investors can invest directly into Bitcoin through the ETF, and serves as further validation of Bitcoin and cryptocurrencies across the country and on a global basis.”
Better, should the ETF gain traction, as we expect it to do, Bitcoin could rally to $168,000, according to analysts over at Fundstrat.
Not only would that be a substantial for Bitcoin investors, it could be a monster catalyst for mining stocks, like Riot Blockchain (RIOT), Marathon Digital (MARA), and Bit Digital (BTBT).