According to Javier Pastor's article published in Xataka on March 5, 2024, Bitcoin has reached a new milestone by breaking the $69,000 barrier, establishing a new historical record. This achievement comes after weeks of bullish trend for the world's largest cryptocurrency by market capitalization.
The author notes that this unstoppable rise has been driven by several key factors. First, the approval of Bitcoin-based exchange-traded funds (ETFs) in the United States in early January 2024 has facilitated investor access to this digital asset, which has contributed to increasing its demand and value. In addition, the proximity of the Bitcoin halving is highlighted, a scheduled event that will reduce the reward for Bitcoin miners by half, which could increase its value by making it more scarce.
Despite this new record, experts warn of the possibility of a cryptocurrency rush that could lead to risky behavior, such as the rise of crypto lending. Reference is made to past experiences, such as the NFT fever, which ended in disastrous situations for some investors.
Personal Opinion: From my perspective, this new Bitcoin record is impressive and reflects its growing acceptance and adoption around the world. The approval of ETFs and the upcoming halving are factors that could further boost its value in the future. However, it is essential to be cautious and aware of the risks associated with cryptocurrency investments. The blockchain technology underlying Bitcoin has transformative potential, and I believe it will continue to evolve and find its place in the global economy.
(Note: This news was taken from Xataka)
