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‘Just The Beginning’—Bitcoin Suddenly Hits $70,000 Price ‘Tipping Point’ Amid Ethereum And XRP ETF Speculation, Billionaire Hedge Funder Bill Ackman Mulls Bitcoin, & more.
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‘Just The Beginning’—Bitcoin Suddenly Hits $70,000 Price ‘Tipping Point’ Amid Ethereum And XRP ETF Speculation
The bitcoin price has rocketed 350% since crashing to recent lows of $15,000 in late 2022, with traders setting a massive new bitcoin price target in recent weeks that could hit sooner than you think.
Now, as China and Russia reveal they're abandoning the U.S. dollar for a bitcoin-inspired alternative, a Silicon Valley venture capital investor has declared bitcoin is at a "tipping point"—and could be about to open the ethereum, XRP and crypto exchange-traded fund (ETF) floodgates.
"I still don’t think we are there yet. I think we’re just at the beginning, but when you see the inflows into these ETFs, it’s a very big deal because it just allows every mom-and-pop individual to buy some to the extent that they want to own or they want to speculate on it, whatever it is."
"The other thing I’ll say is that it’s not just bitcoin but as goes bitcoin, there are a handful of other things. People are now speculating that there’s going to be an ethereum ETF that gets approved as well because if you approve one, there’s probably legitimate cause to approve a few others, so these things are becoming part of the financial fabric, and I think that that should not be underestimated."
Billionaire Hedge Funder Bill Ackman Mulls Bitcoin
Pershing Square Capital Management founder and CEO Bill Ackman turned some of his attention to Bitcoin (BTC) on Saturday afternoon, cheekily suggesting a scenario in which the price for the world's largest crypto could soar far higher than anyone might imagine.
"Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues," said Ackman in a post on X.
"You should buy some bitcoin, but not for the reasons cited above," said Saylor. "Most bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss 1 on 1."
Ackman mostly has steered clear of bitcoin and crypto in general, though in 2022 said he was a small investor in some crypto projects and crypto venture funds. "I invest more as a hobbyist trying to learn than as a careful investor," he said at the time.
BlackRock Bitcoin ETF now holds more BTC than MicroStrategy
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