A four-year-old Brazilian, Joao Canhada, has made a profit of over 6,500% following the recent surge in Bitcoin (BTC/USD). She received a 1BTC gift from her dad in 2017 at her birth when the price of the token was about $915.
Canhada, Joao’s dad says “As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her,” With the recent bull run of Bitcoin, that single BTC investment is now worth around $60,000.
Bitcoin surges as SEC considers ETF approval
Bitcoin’s renewed surge is coming after the Securities and Exchange Commission (SEC) showed interest in the approval of the first Bitcoin ETF in the US. If the commission approves one, it means investors can speculate on the crypto’s price without bearing the risk of holding the asset.
Also, approving Bitcoin futures can enable investors to trade on the crypto asset at a certain price on a specific date.
The past three months have seen Bitcoin rallying almost 90% to $63,000, nearly hitting its record high of $64,869 set in April this year.
Investors excited as Bitcoin maintains momentum
Chief Operating Officer of Waxir, Siddharth Menon, commented on the recent bull run of the crypto asset. He stated that BTC’s momentum has picked in the past few weeks as it has broken the $60,000 resistance level. Siddharth expects the crypto asset to surge higher in the coming weeks.
This makes the crypto-asset one of the most volatile investment assets in the world since it was valued at just under $12,000 barely a year ago.
Bitcoin has seen series of fluctuations, dropping from its record levels in April to $30,000 in May. However, it picked up again only to start dropping after China announced its crackdown on crypto trading and mining.
But the recent surge in the crypto asset has got investors into the limelight again, as some have already started cashing out their gains.
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