Bitcoin traded as high as $69,200 on Tuesday, briefly setting a new all-time record for the world’s largest cryptocurrency before falling back. The price has surged since US regulators in January approved spot bitcoin exchange traded funds issued by Wall Street stalwarts including Fidelity and BlackRock, the world’s largest asset manager.
Comair said: “It’s not just a spectacular jump in price, it’s also a paradigm shift for bitcoin. Today, investors that allocate for bitcoin will be five or 10 times more confident than they would have been just a couple of years ago.” Luca Paolini, chief strategist at Pictet Asset Management, said: “We have to ask the question of whether we’re missing something big or not. The environment we’re in now is very different from a couple of years ago when we were clearly in bubble territory.