ZOOM In Bitcoin & Bitcoin Mining Stock Now?
On Thu, 06 July 2023, Bitcoin hit its highest price of $31,460 in more than 14 months, as some of the most important firms in traditional finance continue to pile into the crypto sector.
It has since pared some of the gains.
While composing this post, Bitcoin was trading around $30,640.38, up +0.47%, over the past 24 hours.
The “good” thing about Bitcoin trading is that it never sleeps.
It is really 24 x 7, all year round, rain or shine.
Bitcoin 2023 - YTD performance
Bitcoin started the year on 01 Jan 2023 at $16,625.08 per Bitcoin.
Taking its current price as $30,486.50.
It has gained a whooping +83.35% YTD.
Are the “whales” hard at work, propping Bitcoin up - no one knows for sure?
Despite persecutions raged against Binance and $Coinbase Global, Inc.(COIN)$, Bitcoin has “escaped” relatively unscathed.
What is certain though is after the lawsuits have been filed consecutively, one day apart - all the fund houses began filing for a license to trade Spot Bitcoin ETFs.
Details are found in my post SEC & Wall Street Plot Against Binance & Coinbase? Click to enjoy!
Spot Bitcoin ETFs - What Is So Special?
The spot Bitcoin ETF tracks market price of BTC in real time.
It remains a highly coveted milestone for the industry.
Approval of it, will not only bring in institutional investors but will also help retail investors get exposure to BTC with ease.
Funds Houses That Have Filed / Re-filed For A License:
Fidelity.
Invesco.
VanEck.
21Shares & Ark Invest (jointly).
Wisdom Tree.
Valkyrie.
BlackRock.
As per my 26 June post “SEC & Wall Street Plot Against Binance & Coinbase?“, the flurry of filing & re-filing activities by the above Funds houses could hardly be classified as “coincidence”.
Industry players are in unison about the conspiracy theory that SEC in essence, wants to control on how Bitcoin is to be traded, period.
With BlackRock, (world's largest asset manager with $10 Trillion under management) fully committed (see above headlines) to the idea and onboard, the task on hand just got “easier”.
Decision for $BlackRock(BLK)$ to change course towards Bitcoin could not have more “timely” with BlackRock CEO - Mr Larry Fink’s latest reveal (see above).
It is only logical that it needs to look for alternatives to grow its customers’ monies under management.
With ESG seen as “toxic” investment (now), pivoting to Bitcoin looks to be the lesser of two evils, no?
Bitcoin - Not your cup of tea? There are options.
“Good” thing about Bitcoin is, when an investor is not a fan of the “complicated” process of:
Converting “fiat” currency into alt-coin.
Use the alt-coin to purchase Bitcoin (whole or fractional).
Store it in your personal crypto wallet, after purchase (never leave it in trading exchange platform).
Investors could consider investing in Bitcoin mining stock instead.
Bitcoin Mining Stocks:
Canadian-based Bitcoin miner.
With over 52,000 miners.
Has a hash rate of 7.5 EH/s as of 6 Jun 2023.
(2) $Marathon Digital Holdings Inc(MARA)$.
Operates one of the largest Bitcoin mining operations in North America.
With over 133,000 miners.
Has a hash rate of 7.7 EH/s as of 05 Jul 2023.
(3) $Riot Blockchain, Inc.(RIOT)$.
Another leading Bitcoin miner in North America.
With over 81,000 miners.
Has a hash rate of 10.5 EH/s as of June 2023.
Coincidentally, Riot also owns Whinstone US (located in Texas), owner & operator of the largest Bitcoin mining facility in the world.
With the possibility of Bitcoin continuing to ascend the price chart, as an astute investor, are you in position? Ready for a piece of the action?
Do you think Bitcoin price will continue to rise in the short to mid term?
Do you think you are “ready” to get your feet wet on Bitcoin or Bitcoin related investments?
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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
If traditional finance and centralized exchanges truly want to get-into the crypto sphere, COIN is ripe for the pickings. Sure, they have the law-suit hanging over the head, but if one of the biggies were to approach/w an offer, I'm sure we could see those pesky SEC lawsuits go bye-bye.
Rating is very important (to me). Tks.
Will u consider" Follow me " to get first hand read of my Daily new posts? Thanks!
Bitcoin is the real investment to Multiply your wealth in the future. Bitcoin keeps rising, congratulations to anyone holding a share
Air coins skimmer up big the last couple months. Didn't think it would soar quite this high.
Powerful stock! Always green!! Amazing!