Bitcoin Price Rise Coincides with Mainstream Adoption through ETFs, Others
The post Bitcoin Price Rise Coincides with Mainstream Adoption through ETFs, Others appeared on BitcoinEthereumNews.com.
Recent Regulatory Green Lights Have Been Beneficial to Bitcoin Investors are paying close attention to Bitcoin (BTC), as it continues to change the way financial systems operate. Over the last five weeks, more than $9 billion has flowed into U.S. Bitcoin ETFs. In contrast, Gold-backed funds, which are commonly chosen in times of economic hardship, have lost more than $2.8 billion recently. Concerns about U.S. debt and unstable banks are, in part, driving investors away from gold and toward Bitcoin. The recent rise in the price of Bitcoin to a new high is another reason interest in it has grown. Last week, the price of Bitcoin soared as high as nearly $112,000. Driving this rally are encouraging developments from regulators, such as the advancement of stablecoin laws and concerns that inflation will keep traditional currency values low. Investors are now viewing Bitcoin as a reliable method to safeguard their money from unstable economies. Several industry experts believe that Bitcoin can help protect against a falling economy. GameStop Is Entering the Bitcoin ETF Market In addition, these increased inflows into Bitcoin ETFs can be viewed from another perspective. GameStop, the popular video game retailer, has just announced plans to adopt Bitcoin. The company purchased more than $500 million worth of BTC to bolster its finances, as its sales had been declining for some time. Gamestop did this as part of a broader shift away from focusing only on video game sales. In February, GameStop attracted $1.5 billion from several investors in a private offering and promised to invest most of that in Bitcoin. Yet, the news didn’t please the market. Although shares climbed up briefly during pre-market trading, they fell by around 10% after GameStop made the announcement. Such a move has occurred before, with MicroStrategy, which has since enjoyed a…
