Why is bitcoin soaring? And is it time to invest?
Investors originally saw bitcoin as a 'safe haven' asset separated from the fluctuation of markets. However, recently, institutional investors have flocked to the asset class, with about 6 per cent of bitcoin being held in exchange-traded funds (ETFs).
Why is it rallying?
Bitcoin and other cryptocurrencies are notoriously volatile, with their valuation regularly dropping or rising by thousands of dollars in mere minutes. However, the recent rally has been more sustained, thanks largely to the influence of Trump.
During his campaign, Trump made no secret of his support for cryptocurrencies, promising to make the US the 'crypto capital of the world'. Once elected, he then enacted several policies to promote crypto, including establishing a strategic bitcoin reserve within US Treasury, and holding a crypto summit at the White House.
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He also released his own Trump-branded cryptocurrency, which has a market capitalisation of $US1.9 billion.
Republicans are now attempting to pass three more crypto-friendly bills – The GENIUS Act, The Clarity Act and The Anti-CBDC Surveillance State Act – all of which will create a friendlier regulatory environment for crypto traders and companies, including clarifying when digital assets like crypto tokens are considered securities or commodities.
Crypto advocates view these bills as the US government's effective endorsement of the sector and a further legitimisation of bitcoin, despite widespread crime in the industry and real-world use cases for cryptocurrencies still few and far between.
How much has the price risen?
After bitcoin's creation in 2008, you could buy one for just a few cents, with 10,000 bitcoin famously being used to buy two pizzas in early 2010. As of Wednesday afternoon, one bitcoin was worth about $185,000.
Since Trump's election, the asset's price has risen by almost $80,000, or 76 per cent.
Should you invest?
Obviously, the best time to have bought bitcoin was 2009 – and even then, you would have needed to conveniently forget about it until now. But is it still worth buying even with its heady valuation?
'Yes, we think so,' says Justin Lin, investment strategist at ETF provider Global X. '2025 is shaping up to be a landmark year for bitcoin adoption. This year we've seen some serious signs that investors are starting to value the asset for its fundamental strengths rather simply speculating on its price.
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'We think bitcoin is on its way to becoming a portfolio staple across the world, and as adoption grows, price discovery will follow.'
Global X believes bitcoin will reach a valuation of $US200,000 by midway through next year. Much of this, Lin says, will be driven by traditional investors through bitcoin ETFs, with the current crop of crypto investors mainly consisting of younger, tech-savvy investors.
'By our calculations, only about 20,000 Australians have invested in ASX-listed bitcoin ETFs. That's shockingly low compared to the US. We take it as a sign that our older investment community still has a lot of catching up to do,' he says.
How can you invest?
There are a number of online bitcoin exchanges that operate both internationally and in Australia. You can sign up to one and buy bitcoin or other crypto. Keep in mind you don't have to purchase a whole one – you can just buy a fraction of a coin.
These exchanges allow you to buy, sell, and store your bitcoin, much like an online stockbroker such as CommSec. The bitcoin ETFs are becoming increasingly popular as a way for traditional investors to purchase the digital asset without having to make an exchange account, with the ETFs available to purchase the same way as any other ASX stock.
However, chief executive of investment firm VanEck Asia Pacific Arian Neiron said Australian investors seem to be less willing to invest in crypto than their US counterparts.
'[Australian] investors are more cautious about bitcoin exposure, particularly when there is price momentum based on sentiment,' he says.
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