Investors should ‘pay attention’ to bitcoin -wealth advisor

STORY: Bitcoin soared to a record high early Tuesday, fueled by investors pouring money into U.S. spot exchange-traded crypto products.

The world’s largest cryptocurrency hit a high of $69,202, topping November 2021’s all-time peak of $68,999.99. It then reversed course and was recently down around 8% at $62,000.

Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.

Lee says, “I think all investors need to pay attention to this asset class and what it really represents…It’s been a long, volatile ride for Bitcoin but I personally don’t think it’s going to go away and most likely it’s going to continue to get market share as rates come down.”

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion last week, according to LSEG data.

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