BITO ETF Debut and Paul Tudor Jones' Bullish Comments Propel Bitcoin (BTC) Price to New Record Highs

October 20, 2021 10:16 AM EDT
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Bitcoin (BTC) price has hit a new record high at $66,300 today, according to Coinbase data. Bitcoin price has consistently been moving higher in the past 3 weeks to go from $40,750 on September 29 to a new record high today.

In a landmark event yesterday, the ProShares Bitcoin Strategy ETF (BITO) made its debut yesterday. The ETF also became the second-most heavily traded fund on record.

“From our conversations with market participants, I think it’s related to the growing belief as the trading day goes on that this is going to be considered a successful launch. Given the amount of avenues retail investors already have to participate in BTC, clearly the U.S.-based ETFs are nonetheless satisfying some kind of latent, even if niche, demand,” commented Stephane Ouellette, chief executive and co-founder of FRNT Financial.

The ETF initially rose ​​to over $42 before exceeding $43 today. According to Bloomberg, more than 24 million shares changed hands Tuesday.

“We are really excited to bring BITO, the first Bitcoin-linked ETF, to investors as an important opportunity for them conveniently to invest in Bitcoin in their regular brokerage account. This is going to allow many people who have been waiting for an easy way to do this and a robust way to do this to now be involved and have it in their portfolios,” Simeon Hyman, global investment strategist at ProShares, said on Bloomberg TV.

On another positive day for Bitcoin and the entire cryptocurrency ecosystem, legendary investor Paul Tudor Jones outlined BTC as a preferred inflation hedge, even better than gold.

“It would be my preferred one over gold at the moment. Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment. I’ve got crypto single digits in my portfolio,” Jones told CNBC.

The entire cryptocurrency market cap stands at over $2.6 trillion today.

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