Bitcoin, PayPal, Trump SPAC: Investments in the Spotlight
Bloomberg Wealth reviews assets that made a splash this week.
Photographer: Ozan Kose/AFP/Getty Images
Bitcoin surged past $66,000 to reach a record high on Wednesday, fueled by the launch of the ProShares Bitcoin Strategy ETF under the ticker BITO, the first exchange-traded fund linked to the cryptocurrency for U.S. investors. The digital currency is currently up 120% in 2021.
Bitcoin had slumped after reaching a previous high in April, as concerns about its energy usage and crackdowns from the Chinese government spurred selloffs. It has since rebounded, benefitting from optimism about broader acceptance by financial institutions. Jesse Proudman, co-founder of crypto advisory firm Makara, called the ETF launch a “validating moment” for the token.