It’s been a long strange story for Bitcoin (BTC-USD) so far. Don’t we all wish we could go back to the SmokeTooMuch auction? Or bring Laszlo Hanyecz his pizzas? But whether we got in early, mortgaged houses to get in, or didn’t get in at all, it’s still a story that’s going on. And now, as Bitcoin makes a much more viable run to $31,000, it’s taken a bit of a setback today.
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First, the tale of the Bitcoin exchange-traded fund (ETF) is still struggling. Backed up by BlackRock’s (NYSE:BLK) Larry Fink, the move has brought some measure of new spark to Bitcoin and other cryptocurrencies by extension. Fink is convinced that Bitcoin could ultimately “revolutionize finance,” as he noted in a Fox Business interview. Fink isn’t alone in his interest in seeing a Bitcoin fund, as Fidelity and Invesco have also been seen backing such a play.
There are more than just high-end financiers that are making the call for Bitcoin’s advance. The latest jobs report might actually have something to say herein too. Given that jobs data came in stronger than expected, the Federal Reserve may have sufficient reason to do more rate hiking. If interest rates continue upward, inflation will likely start retracing. If that happens, then conditions more conducive to Bitcoin’s growth can make a comeback and give it a further upward push.
While we’ve got a long way to go before we recapture Bitcoin’s all-time highs, we might be at a point where it seems achievable once more. A look at the last three months of Bitcoin trading suggests such possibilities may yet be. In the last three months alone, Bitcoin has gone from a shade over $25,000 to a little over $30,000. Such gains will give the diamond-handed HODLers enduring hope for tomorrow.
