New record for Bitcoin as American boomers continue to invest in crypto funds and stocks
Last Updated on 9 November 2024 by CryptoTips.eu
Bitcoin reached a price above $77k yesterday and that has not gone unnoticed by investors this week. Since the election of Donald Trump as the new American president, his compatriots have pushed up stocks related to crypto.
A record amount was invested in BlackRock’s iBit fund this week. In fact, the various American Bitcoin ETF funds have already raised $26 billion in fresh capital since their launch in January this year.
The stocks of both Coinbase and Microstrategy surged this week.
Summer
During the summer of 2023, BlackRock, the largest investment fund in the world, announced that it had filed for a Bitcoin ETF, in other words a fund that would allow ordinary, usually older, investors to purchase Bitcoin via BlackRock without having to open a crypto account on a platform.
Since that announcement, Bitcoin’s price steadily rose until it set a new All Time High of $74,000 in March of this year. Larry Fink, CEO of BlackRock, stated at the time that he was amazed by the success of iBit, their Bitcoin ETF fund.
Doesn’t matter
Two weeks ago, Fink was asked who he thought should win the presidential election to push the American stock markets to a record. He claimed that it didn’t really matter but that a new record would likely be reached quicker if Donald Trump won the presidential election.
As we know, this indeed happened and so investors (especially people from the ‘boomer’ generation) pumped a record amount of money into iBit this week.
When the next day the Federal Reserve also decided to lower long-term interest rates by a quarter and to speak in positive terms about the development of the economy, the price of Bitcoin broke new grounds.
