The price of bitcoin has surged, reaching its three-year peak and nearly soaring up to a new high.
The movement of the cryptocurrency comes on the news that U.S. regulators may be getting ready to approve an exchange-traded fund (ETF). So far, the only ways to sell and buy bitcoin revolves around digital wallets that have not been approved to be used in the U.S.
The U.S. Securities and Exchange Commission may be readying itself to launch bitcoin to the public, which is trading at $1,160 per bitcoin. This amounts to $3 below the all-time high of $1,163 from several years back.
While some have lauded the anonymous and secure nature of bitcoin, some see the cryptocurrency as being too volatile and not reliable. The SEC will decide on March 11 whether or not to approve an ETF that was filed by the Winklevoss twins four years ago.
“If approved this would certainly give a dramatic condoning of bitcoin by the authorities and powers that be,” digital currency analytics firm Cryptocompare CEO, Charles Hayter, said.
Hayter added that such a move could potentially add some stability to the unpredictable currency, but it is unclear whether or not it would garner the necessary interest from the public to become a truly alternate form of payment.
So far, bitcoin has had an impressive 2017 as the currency has climbed more than 125% over the course of the year.
