Is It Too Late to Buy Bitcoin?
Bitcoin (CRYPTO: BTC) hit a major milestone in 2024. The long-awaited approval of spot exchange-traded funds (ETFs) by the Securities and Exchange Commission was a seminal moment as it legitimized Bitcoin in the eyes of investment firms on Wall Street and regulators in Washington.
This top crypto may now be on a clear path to becoming a mainstream financial asset. Does this mean it's too late to buy Bitcoin?
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Without a doubt, this is one of the best performing assets in recent memory. About a decade ago, on Feb. 13, 2014, Bitcoin was trading at a price around $601. This means that as of this writing, it has climbed over 7,900% in 10 years.
Other popular assets don't hold a candle to Bitcoin. The price of an ounce of gold is up just 59% in the last decade. The tech-heavy Nasdaq Composite index rose 326% during the same period, including dividends. Even Tesla stock, which increased by 1,380% in value, hasn't outperformed Bitcoin.
Despite this incredible performance, Bitcoin is currently 29% below its peak price (as of Feb. 11).
Near-term catalysts
The approval of spot ETFs provided somewhat of a stamp of approval for Bitcoin. The perception of this being a "Wild West" asset might be a thing of the past. That's because well-known asset managers, like BlackRock, Fidelity, and Wisdomtree, among others, have already attracted billions in capital inflows from investors.
But from a financial perspective, this could be a game changer for Bitcoin. The ETFs provide a simple and cheap way to gain exposure to the price of this cryptocurrency. Investors don't need to figure out how to custody the asset. The result could be a huge amount of capital finding its way to Bitcoin, which can help drive up the price.
