Bitcoin hits $63,000: What does it mean for crypto investors?
Vikram Subburaj, co-founder & CEO of Giottus Technologies, highlighted the significance of the upcoming Bitcoin halving event. This event restricts the supply of new Bitcoins entering the ecosystem, creating scarcity and driving up prices even further.
This week, bitcoin surged to $63,000 for the first time since November 2021. Spot bitcoin ETFs are seeing massive inflows of money. The big event to watch in April 2024 will be Bitcoin halving ahead of which there is massive interest in the asset class.
What does this mean for the crypto-eco system and how can you build a portfolio, to discuss this Vikram Subburaj, co-founder & CEO, Giottus Technologies spoke to CNBC-TV18, on the show ‘Smart Money’.
He explained that the approval of Bitcoin spot ETFs was a highly anticipated event that paved the way for institutional investors, family offices, and others to join the Bitcoin rally. As these big players entered the market through ETFs, it led to a surge in prices.
Subburaj also highlighted the significance of the upcoming Bitcoin halving event. “Now, this, which is going to be coupled along with the halving event, having is basically a restriction of supply of the new Bitcoins which are going to enter into this ecosystem. So, both these things are creating an extremely positive effect on prices,” he noted.
For full interview, watch accompanying video
Also Read | Bitcoin miners make money ahead of 'halving'
(Edited by : Ajay Vaishnav)
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