ETC Group CSO reports on bitcoin hitting 18-month highs
London , UK
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December 11, 2023 06:58 AM Eastern Standard Time
ETC Group founder and Chief Strategy Officer Bradley Duke speaks to Thomas Warner from Proactive about a recent crypto rally that has brought bitcoin prices to 18-month highs of more than $43,000.
Duke gives his take on what's behind the rise in bitcoin prices before going on to explain what it means both for the wider crypto space and ETC Group itself. He expresses scepticism at the idea that price movements in gold and bitcoin are becoming increasingly correlated, saying that 'lately they've been acting more independently... I think actually the bitcoin story is driven more by its own news flow.' He highlights what he calls an "ongoing saga" over in the US of the Securities and Exchange Commission's approval of spot bitcoin ETFs.
He says renewed enthusiasm for bitcoin represents a significant boon for ETC Group, saying that "now for the first time in Europe we're starting to see proper institutions ready to dip their toe in and make allocations."
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