Connect with us
Active Currencies 14044
Market Cap $2,589,497,606,534.37
Bitcoin Share 50.82%
24h Market Cap Change $0.83

Wondering what caused BTC to spike suddenly? BitGo CEO explains

1min Read

Was BTC’s rise due to a retail-driven surge or a looming institutional interest? Mike Belshe has the answer.

Wondering what caused BTC to spike suddenly? BitGo CEO explains

Share this article

Bitcoin [BTC] has once again broken through its all-time high (ATH), capturing the attention of investors worldwide. This surge comes as the cryptocurrency’s market capitalization surpasses previous records, signaling a renewed bullish sentiment in digital assets.

Mike Belshe, the CEO and founder of BitGo, in an interview with Forbes, on 6th March, noted,

“Well, I think it’s all the news that we’ve been building towards over nearly a decade now. The main driver here of course is the approval of the ETFs that happened in January.” 

What’s the driving force? 

Belshe attributed the surge to several key factors, notably the approval of Bitcoin ETFs in January, providing a larger distribution channel for investors to access direct exposure to BTC. 

He further emphasized the appeal of Bitcoin’s fixed monetary policy in contrast to traditional fiat currencies, especially amid uncertainties in global monetary policy. 

“You know monetary policy level there’s a tremendous amount of uncertainty and people are like I don’t know what’s going to happen with the US dollar.”

Additionally, Belshe highlighted the growing recognition of Bitcoin’s potential as a store of value, prompting both retail and institutional investors to consider it as part of their portfolios.

Retail investors v/s institutional investors 

Addressing the current market dynamics, Belshe also touched upon the role of retail versus institutional investors in driving the recent price rise. 

He noted,

“This has been largely retail driven.”

He further added,

“There are a lot of people saying this is the institutional money. I think the institutional money is yet to come.”

As BTC continues to break barriers and attract mainstream attention, Belshe’s insights have underscored the transformative potential of this digital asset. 

With traditional financial institutions increasingly embracing BTC, regulatory clarity, and heightened investor interest, Bitcoin’s rise marks a major financial change.

 

Share

Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.