Bitcoin hit a record high on Tuesday, fuelled by investors pouring money into US ETFs and the prospect of lower interest rates.
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Bitcoin scaled a two-year high on Monday, breaking $64 000, taking it within striking distance of record levels.
At the heart of the rally that is pushing bitcoin towards a record high is a simple tenet of economics.
Bitcoin hit a two-year high above $57 000 on Tuesday – and reached a record high in rand terms.
Local stock exchanges like the JSE could consider approving the first bitcoin spot ETFs in 2024.
Bitcoin’s 22% year-to-date gain has helped to lift the market capitalisation of digital assets above $2-trillion.
One bitcoin now costs R1-million, nearly equalling the record high price (in rand terms) set in 2021.
Bitcoin hit the $50 000 level for the first time in more than two years – and may have further to run.
Bitcoin is flirting with a winning run last seen a year ago, aided by the record-breaking debut of US ETFs.
Chinese bitcoin miners, having bounced from country to country in search of cheap power, have arrived in the Horn of Africa.