Bitcoin is surging towards $120,000, fueled by a combination of factors. Let’s dive into the details:
El Salvador Opens its Doors to Bitcoin Banks
El Salvador has passed a new law allowing specialized investment banks to hold Bitcoin and other digital assets. These banks will only serve high-net-worth individuals and need a special license and at least $50 million in capital. The government hopes this will attract foreign investment and make El Salvador a crypto hub. However, critics worry that this mainly benefits wealthy investors, not the average Salvadoran.
Japan’s Crypto ETF Delay
Meanwhile, Japan’s first Bitcoin ETF is facing regulatory delays. While reports circulated about SBI Holdings filing for an ETF, the company clarified that they haven’t submitted any applications yet. They do plan to launch crypto-related investment products once regulations allow. This contrasts with the US, where Bitcoin ETFs are gaining popularity and attracting significant investment.
Harvard’s Big Bitcoin Bet
Harvard University made headlines by investing $116.6 million in BlackRock’s IBIT spot Bitcoin ETF. This makes Bitcoin one of Harvard’s top five equity holdings. This significant investment reflects the growing institutional interest in Bitcoin and follows a trend of US Bitcoin ETFs attracting over $54 billion in investment since early 2024. This move, coupled with tightening liquidity on major exchanges, is boosting confidence in Bitcoin’s price.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $118,320, a 4% increase over the past week.
