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What s driving the bitcoin surge? Experts weigh in - WEIS | Local & Area News, Sports, & Weather
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Business - KSYL-AM
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Bitcoin is surging Here s why
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Westend61/Getty Images(NEW YORK) Bitcoin is on a tear.The largest cryptocurrency has soared more than 20% over the last four days, approaching an all-time high. By contrast, the S&P 500 has dropped slightly over that period.On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021.The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News. That initial burst of gains, they added, triggered a stampede of investors fearful of missing out on the returns."It s been a wild ride," Katie Stockton, the founder of market research firm Fairlead Strategies, told ABC News.A bitcoin ETF (exchange-traded fund) allows investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the cryptocurrency coin itself.For instance, an ETF for gold allows individual