Prepare your finances accordingly [View all]
"Bitcoin surges to new highs above $118,000 as investors go risk-on
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"At the heart of this rally lies sustained structural inflows from institutional players," wrote Dilin Wu, research strategist at Pepperstone.
"Corporates are also ramping up participation," he added. The analyst noted companies like Strategy (MSTR) and GameStop (GME) have continued to add bitcoin to their balance sheets. Trump Media & Technology Group (DJT) this week also filed for approval to launch a “Crypto Blue Chip ETF”, which would include about 70% of its holdings in bitcoin.
The timing of bitcoin's breakout also comes days before Congress kicks off its highly anticipated "Crypto Week" on July 14. Lawmakers will debate a series of bills that could define the industry's regulatory framework.
"A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin's role as a macro asset and strengthening confidence in compliant crypto platforms," said Jesse Jarvis, CEO of Kaiko AI."
https://www.yahoo.com/finance/news/bitcoin-surges-to-new-highs-above-118000-as-investors-go-risk-on-182648233.html
At the heart of any cryptocurrency is nothing, not state backing, not even the value of metal or paper traditional currencies are made from. It's mostly useful to criminals and such and is promoted among the tech bro circles as a nihilistic way to help our democracy crash and burn. However I think at some point relatively soon it will crash and burn from its sheer instability. When that happens it's going to take a lot of people, corporate and otherwise, with it. Make sure you're not one of them.
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