Bitcoin’s Potential to Transcend into Mainstream Money

Bitcoin’s Recovery: From FTX Collapse to SEC-Approved ETFs

In November 2022, the collapse of Sam Bankman-Fried’s FTX crypto exchange dealt a significant blow to bitcoin and raised doubts about its future. However, just 15 months later, the US Securities and Exchange Commission (SEC) has reluctantly given approval for exchange-traded funds (ETFs) in spot bitcoin to be listed and traded on major financial markets. This pending decision has caused excitement in the market, leading to a surge in bitcoin’s price from $16,000 at the time of the FTX crash to nearly $46,000 now. The approval of a bitcoin-linked ETF on the ASX is expected in the coming months, paving the way for mainstream acceptance of bitcoin.