Bitcoin is experiencing its golden age again. There are no traces of the “crisis” of 2023, and since the beginning of this year the prices have increased by as much as 50 percent. On Tuesday morning, bitcoin was trading at $68,804. Its price thus approached the record set in November 2021, when bitcoin cost $68,976.
Bitcoin has already managed to set two other records. With a morning price of $68,804, its capitalization reached $1.35 trillion, compared to the $1.28 trillion that the token established during its previous ATH (all-time-high).
Bitcoin rate Investing.com
The exchange rate against the Polish zloty also turned out to be historic. The price for one bitcoin on the night of March 4-5 reached 273,000. PLN, setting a new record. The previous record level in PLN was observed on November 12, 2021 and amounted to PLN 262,000.
Bitcoin will break the 125,000 mark. dollars? Bold analyst predictions
Popular cryptocurrency analyst Willy Woo suggests that bitcoin’s current records are part of a multi-year bull market that will culminate in breaking the $125,000 barrier before the end of 2025. In his opinion, this will be achieved thanks to the “release of full institutional demand”, which has been expected by both investors and analysts for years.
The BTC price will exceed a minimum of 125,000. USD before the end of 2025. Further growth depends only on Blackrock and Fidelity customers. If they convince more giants that bitcoin is something worth investing in, BTC’s market capitalization could easily reach $2.5 trillion from $1.3 trillion today
Willy Woo said.
Why is bitcoin rising?
The January decision of the US Securities and Exchange Commission (SEC) to approve bitcoin ETFs had a significant impact on the increase in the bitcoin price in recent weeks. This has allowed more traditional investors to include cryptocurrencies in their portfolios.
ETFs are popular investment tools that are linked not to one stock market asset, but to an entire basket of assets. Investing in ETFs is widely considered a safer and lower-risk capital investment strategy.
It is worth noting that despite the approval of the Bitcoin ETF, the SEC is still quite skeptical about cryptocurrencies. In January, Commission Chairman Gary Gensler noted that the decision did not mean support for bitcoin. He even referred to the tokens as a “volatile store of value” that is not intended for “legitimate payments.”
. In September 2023, the Polish Financial Supervision Authority published a report on the regulatory situation on the crypto-assets market, in which it confirmed that “the previous warnings of the Polish Financial Supervision Authority about the risks related to trading in crypto-assets are valid.
In the opinion of the Polish regulator, the greatest risks related to, among others, with bitcoin is:
- very high value variability,
- highly speculative nature caused by the lack of effective and proven valuation methods,
- lack of clear and generally accepted economic value,
- operational risk of losing access to own funds related to the early stage of development and high complexity of the technology used,
- high risk of failure of business ventures financed with cryptoassets, and, above all,
- very high risk of fraud, loss of investments due to lack of regulation (impeding future claims, weakening the investor’s position) or lack of supervision (fraud).
The Ministry of Finance is currently working on a draft act on cryptocurrencies. The regulations, which primarily assume greater control of the Polish Financial Supervision Authority over the market, are to be adopted by the Council of Ministers in the second quarter of this year.
It should be emphasized that the vast majority of cryptoassets will still not be subject to legal regulations resulting from MiCA (the EU regulation that regulates the use of cryptocurrencies in the EU – ed.) or the Act on cryptoassets (including, for example, bitcoin). The main purpose of the Act on Crypto-Assets is to define the organization and exercise of supervision over offerors, persons applying for the admission of crypto-assets to trading, issuers of tokens related to assets and e-money tokens and providers of crypto-assets services.
– indicates the Polish Financial Supervision Authority.
Source: Gazeta
Mabel is a talented author and journalist with a passion for all things technology. As an experienced writer for the 247 News Agency, she has established a reputation for her in-depth reporting and expert analysis on the latest developments in the tech industry.
