ALL NEWS

Bitcoin tops $60,000 as investors bet on ETF approval

Oct 15, 2021, 11:05 AM | Updated: 2:08 pm

Would you like to get paid in Bitcoin? The Mayor of Miami wants to pay city workers in the cryptocurrency, and more employees across the country are saying yes. The host of the podcast Coin Stories, Natalie Brunell, sat down with Inside Sources to talk about why regular people and governments are getting on board with cryptocurrency. Tune in at 2:20pm to hear the conversation or look for the Inside Sources Podcast later today.


    (CNN) — Bitcoin prices continued their October surge on Friday, topping $60,000 on hopes that the Securities and Exchange Commission will soon approve a bitcoin futures exchange-traded fund.

Cryptocurrency investors were excited by a tweet from the verified account of the SEC’s Office of Investor Education and Advocacy late Thursday that said, “before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

That appeared to be a tacit admission that the SEC would soon give the regulatory green light to “a fund that holds Bitcoin futures contracts.”

Numerous investing firms, including ProShares, Invesco, VanEck and Galaxy Digital, have filed with the SEC for bitcoin futures ETFs.

Another ETF firm, Valkyrie, has also filed for a bitcoin ETF. On Friday, the Nasdaq disclosed in a SEC filing that the Valkyrie fund was ready for listing on the exchange — pending a final approval from the SEC.

Bitcoin ETFs are a way for individual investors that don’t want to go through the trouble of mining -— i.e. using fancy hardware to solve complex mathematical problems that generate a new bitcoin — to access other ways to buy and sell the cryptocurrency.

And bItcoin bulls have been waiting for the SEC to approve one, with the hopes that having an ETF will make it even easier for average investors to buy crypto.

“It seems clear that regulators will approve some version of a crypto ETF soon,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA., adding that “the SEC is starting to understand how these assets are stored, secured, and reconciled so that it makes sense in traditional finance.”

Brokerages like Coinbase and Robinhood allow for bitcoin transactions, and there are also several ETFs already that invest in companies tied to cryptocurrencies and blockchain technology.

Bitcoin’s roller coaster ride

It’s been a whirlwind of a month for bitcoin. The world’s most valuable cryptocurrency topped the $50,000 level last week for the first time in four weeks and quickly surged past $55,000 after the family office of billionaire investor George Soros disclosed it was investing in bitcoin.

Bitcoin prices, which rose to nearly $62,000 Friday, are now only about 5% below their all-time high of just under $65,000 that they hit earlier this year.

Investors are hoping that, in addition to approving a bitcoin ETF, US financial agencies will continue to take a more measured approach to regulating cryptocurrencies. Federal Reserve chair Jerome Powell and SEC chief Gary Gensler have suggested that the US won’t crack down on crypto as severely as China has done.

“With recent confirmation from both the Fed’s Powell and SEC’s Gensler that although regulations are coming, there is no China style clampdown envisioned, this will provide comfort to the broader institutional market that [bitcoin] is here to stay,” said Seamus Donoghue, vice president of strategic alliances at METACO, a digital asset infrastructure provider.

Prices have also continued to rally lately despite more criticism from bitcoin bear Jamie Dimon.

The JPMorgan Chase CEO said on the Axios HBO show earlier this month that bitcoin was “a little bit of fool’s gold” with “no intrinsic value.”

Dimon also warned on the Axios show that “regulators are going to regulate the hell out of it.” And if that wasn’t enough, Dimon called bitcoin “worthless” during a virtual appearance at the Institute of International Finance Meeting on Monday.

The-CNN-Wire
™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

All News

PUNXSUTAWNEY, PA, USA - FEBRUARY 2: Punxsutawney Phil saw his shadow on Tuesday  morning 6 more wee...
Scottie Andrew, CNN

The bizarre history of Groundhog Day

So how did Groundhog Day go from a kooky local tradition to an annual celebration even those of us who don't worry about winter can find the fun in?
8 hours ago
Indian billionaire Gautam Adani, pictured here, in Ahmedabad India on April 2, 2014 abandoned a dea...
By Mark Thompson, CNN

Adani scraps $2.5 billion share sale as value of his empire collapses

Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud.
8 hours ago
Multiple Michigan agencies are investigating what happened to three local rappers, Armani Kelly, 28...
By Michelle Watson and Amy Simonson, CNN

3 rappers have been missing for 10 days since their scheduled performance was canceled, Detroit police say

Multiple Michigan agencies are investigating what happened to three local rappers who went missing 10 days ago after a performance at a club was canceled, Detroit police said.
8 hours ago
A herd of elk ended up on the roadways near I-80 and Foothill Boulevard on Thursday, Jan 26, 2023. ...
Mark Jones

Four elk killed as herd gets too close to I-215 and I-80

Four elk were killed Wednesday after a herd of elk got too close to I-215 and I-80. Two of the elk were struck and killed by vehicles. The other two had to be euthanized after being hit.
1 day ago
Salt Lake City police are investigating a shooting Wednesday night that sent one person to the hosp...
Mark Jones

Salt Lake City police investigating shooting, one person hurt

SALT LAKE CITY — Salt Lake City police are investigating a shooting Wednesday night.  Police say the shooting occurred in the area of 1665 S. Riverside Drive at 6:43 p.m. One person was transported by ambulance to an area hospital in critical condition.  Police have been unable to locate a suspect. They say the suspect […]
1 day ago
FILE - House Speaker Kevin McCarthy of Calif., pauses during a break in the taping of an interview ...
Mark Jones

Cracks are showing in the coalition of the GOP, according to polling numbers

Recent polling from Schoen Cooperman Research says there may be cracks in the GOP.
1 day ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Bitcoin tops $60,000 as investors bet on ETF approval