Bitcoin [BTC] has once again broken through its all-time high (ATH), capturing the attention of investors worldwide. This surge comes as the cryptocurrency’s market capitalization surpasses previous records, signaling a renewed bullish sentiment in digital assets.
Mike Belshe, the CEO and founder of BitGo, in an interview with Forbes, on 6th March, noted,
“Well, I think it’s all the news that we’ve been building towards over nearly a decade now. The main driver here of course is the approval of the ETFs that happened in January.”
What’s the driving force?
Belshe attributed the surge to several key factors, notably the approval of Bitcoin ETFs in January, providing a larger distribution channel for investors to access direct exposure to BTC.
He further emphasized the appeal of Bitcoin’s fixed monetary policy in contrast to traditional fiat currencies, especially amid uncertainties in global monetary policy.
“You know monetary policy level there’s a tremendous amount of uncertainty and people are like I don’t know what’s going to happen with the US dollar.”
Additionally, Belshe highlighted the growing recognition of Bitcoin’s potential as a store of value, prompting both retail and institutional investors to consider it as part of their portfolios.
Retail investors v/s institutional investors
Addressing the current market dynamics, Belshe also touched upon the role of retail versus institutional investors in driving the recent price rise.
He noted,
“This has been largely retail driven.”
He further added,
“There are a lot of people saying this is the institutional money. I think the institutional money is yet to come.”
As BTC continues to break barriers and attract mainstream attention, Belshe’s insights have underscored the transformative potential of this digital asset.
With traditional financial institutions increasingly embracing BTC, regulatory clarity, and heightened investor interest, Bitcoin’s rise marks a major financial change.
Source: https://ambcrypto.com/wondering-what-caused-btc-to-spike-suddenly-bitgo-ceo-explains/