Bitcoin ETFs surge after US SEC approval boosts annual ROI

PHOTO: Bitcoin via Unsplash

Having received approval from the US Securities and Exchange Commission (SEC) for 11 Bitcoin exchange-traded funds (ETFs), the cryptocurrency is seeing a resurgence, boosting its annual return on investment by over 150%. This surge has been aided by a predicted Bitcoin halving in April, leading to the cryptocurrency reclaiming its top position for asset annual ROI.

The decision by the US regulator to give its official endorsement to spot Bitcoin ETFs saw Bitcoin prices soar to US$48,494 per unit in early 2024, before settling around the US$42,000 mark. This is still a fair way off its record high of US$69,044.77, which was achieved on November 10, 2021.

Udomsak Rakwongwan, a researcher from the Mathematics Department at Kasetsart University and co-founder of the decentralised finance (DeFi) platform FWX, anticipates continued…