2023-08-11 06:14:00 ET
After a fast start to the year, Bitcoin (CRYPTO: BTC) has been in a holding pattern of late, unable to break decisively above the $30,000 mark. While Bitcoin is still up 79% for the year, it is actually down 2% over the past 30 days.
But even with this recent sluggishness, Bitcoin is the one cryptocurrency I'd buy right now. There's a lot happening behind the scenes with Bitcoin, and I like what I see. Here are three factors that I think make Bitcoin a compelling buy right now.
One of the biggest catalysts for Bitcoin is the potential for a massive influx of new money from institutional investors. In mid-June, for example, BlackRock Inc. (NYSE: BLK) , the largest asset manager in the world, announced plans for a new spot Bitcoin ETF . That was followed up by similar spot Bitcoin ETF applications from other investment firms, including Ark Invest and Fidelity Investments. It's really now just a matter of when , not if , such a spot Bitcoin ETF gets approved by the SEC, and that's when the new influx of institutional money could start to happen.
For further details see:
1 Cryptocurrency I'd Buy Right Now