
Bitcoin to the moon? Here’s why it’s near an all-time high
CNN
Last month, as bitcoin approached $45,000, JPMorgan Chase CEO Jamie Dimon compared the cryptocurrency to a Pet Rock and said people need to “stop talking about this s—.”
Last month, as bitcoin approached $45,000, JPMorgan Chase CEO Jamie Dimon compared the cryptocurrency to a Pet Rock and said people need to “stop talking about this s—.” Now, bitcoin investors are laughing all the way to the bank. The cryptocurrency is up a whopping 20% in just five days. And with Wednesday’s gains, it’s nearing its all-time high of around $69,000 set in November 2021, the last time bitcoin traded above $60,000. The rally is partly driven by billions of dollars flowing into the cryptocurrency after the US Securities and Exchange Commission green lit bitcoin exchange-traded funds last month. The other major factor at play is the upcoming “halving” of bitcoin. Halving refers to the built-in feature of bitcoin that automatically reduces the rate of new coins entering circulation. It takes place roughly every four years and, in theory, pushes the price of bitcoin higher because it creates more scarcity of an already finite currency. This happens because the bitcoin miners (who are behind programs used to solve complex math problems that are intrinsic to using the token) see their bitcoin-denominated reward cut in half when a threshold is reached.