The Bitcoin Price Has Hit a Record High After Fresh Wave of Enthusiasm

Bitcoin's price is soaring once again, fueled by a mix of true believers and speculation. The top cryptocurrency hit $73,000 as of March 13th, 2024, almost $10,000 higher than its 2021 peak.

Why the Surge?

• Scarcity: Bitcoin has a capped supply, unlike traditional currencies. This scarcity narrative is a major driver of price increases, according to believers.
• ETF Approval: The recent launch of Bitcoin ETFs has opened up the cryptocurrency to a wider range of investors, boosting demand.
• Meme Mentality: Similar to the meme stock frenzy of 2021, some investors are buying in simply because they believe the price will continue to rise (and possibly some FOMO as well)