BITCOIN SURGING

The price of Bitcoin has been surging:

The graph above depicts the cost of 1 Bitcoin in Australian Dollars (AUD). The price is up over 140% in the last 12 months.

One of the reasons Bitcoin has been surging in recent weeks is speculation and an expectation that the USA Securities and Exchange Commission (SEC) could approve a spot Bitcoin ETF for listing in the USA stock market. Currently, acquiring Bitcoin is done via crypto currency exchanges which do not offer the same level of security and safety offered by the US Stock exchanges. Institutions understandably have been reluctant to buy via cryptocurrency exchanges which are often poorly regulated, some operating unregistered and a number rife with hacking and fraud.

The belief among investors is that a Bitcoin ETF will allow investors to get exposure to Bitcoin via the USA stock market.

One company that has a significant Bitcoin holding is MicroStrategy (MSTR) which is listed on the NASDAQ. MSTR now owns 174,530 Bitcoins as of November 30, 2023. With the price at $66,855.37 AUD per Bitcoin as of 11:30am on 6 December 2023, that makes the total holdings valued at 11,668,267,726 AUD (11.6 billion AUD!) Should Bitcoin surge further, it stands to reason that MSTR will benefit.

MSTR is up over 298% from 3 January 2023 through to 5 December 2023.   You can follow the graph of MSTR each day. Log into VectorVest US by selecting the US flag using the same username and password that you use when you login to VectorVest Australia.

Out of interest, while you are logged into VectorVest US, check out the Cryptocurrency Stocks WatchList found by clicking on the Viewers tab then click on WatchList Viewer, then Special WatchLists and finally Cryptocurrency Stocks.

A QuickTest of the top 10 Cryptocurrency Stocks that appeared in the WatchList on 3 January 2023 through to 5 December 2023 gave the following results:

All the companies above have ties to cryptocurrency.

Investing in Bitcoin/cryptocurrencies can be considered speculative and be aware that the risk is commensurate with reward – it is not for the faint hearted!

Many investors will be closely watching the price of Bitcoin, the performance of MSTR and other Cryptocurrency Stocks and the SEC’s deliberations on a Bitcoin ETF in the coming weeks.

 

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