True story: I know a guy who bought a load of bitcoin about a decade ago. He should be insufferable, sailing around on his yacht and opening private members clubs. Instead he’s trying to remember the password to his crypto wallet. What’s the opposite of a gilded cage?

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Bitcoin surges above $35,000 for first time since 2022

Bitcoin is on a tear. The cryptocurrency surged above $35,000 to its highest level in 16 months. Investors are getting excited about a possible approval of the first US spot bitcoin exchange-traded fund (ETF) – investment vehicles traded on traditional regulated exchanges that track the price of bitcoin.

Bloomberg ETF analyst Eric Balchunas posted on X/Twitter that BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corp, the body that clears Nasdaq trades, with the ticker IBTC. This is more or less the last step before approval.

The US Securities and Exchange Commission (SEC) has so far been resistant to allowing bitcoin ETFs because of risks like fraud, but applications from big names such as BlackRock and Fidelity have raised speculation that the SEC might relent. Some argue that a bitcoin ETF will increase adoption of the cryptocurrency, boosting its market price.

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