The world’s largest, and arguably most impactful cryptocurrency has achieved a new high of $66,900, on Wednesday, October 20, on the back of the landmark U.S. ETF launch. Cryptocurrency has seen major all-time highs this week against several major fiat currencies, including the euro. According to Coin Metrics, Bitcoin climbed 3.9% to $66,398.25 by 4 p.m. ET on October 20, 2021. The coin at its Wednesday high topped its previous intraday record of $64,899, set in mid-April.
The 50% surge in Bitcoin prices this month has been fueled by renewed confidence in U.S. cryptocurrency regulation, the backing from big-time investors such as George Soros, as well as the first exchange-traded fund tied to Bitcoin futures. Despite the criticism, some investors are predicting even higher gains for Bitcoin in the near future.
The positive sentiment was reflected in Paul Tudor Jones’ comments as he noted that crypto was his preferred inflation hedge over gold: “Bitcoin would be a great hedge. Crypto would be a great hedge,” Jones told CNBC’s Squawk Box. “There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment ... I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.”
According to Cointelegraph, there is great anticipation for Bitcoin to hit even higher levels in the coming weeks and months, with the upper range estimates being approximately $300,000 per Bitcoin. However, with Bitcoin blazing such a significant trail, it would not be surprising to see these estimates align with those made by ARK Invest CEO Cathie Wood, indicating BTC highs of $500,000.
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