Bitcoin continues to surge towards near record highs as rumors about further regulatory actions from the SEC and the approval of a long awaited exchange traded fund (ETF) continue to fly. Directly after midnight on Friday October 15th, Bitcoin tested the $60,000 mark after hitting a valuation of $59,999 in early AM trading.
Trading and interest spiked hot on the heels of a report from Bloomberg that the US Securities and Exchange Commission was on the cusp of finally approving the much anticipated Bitcoin futures ETFs. Traders have been anxious for a Bitcoin ETF that allowed access to the cryptocurrency for traditional investors but have long held off on approval due to the underlying volatility of the asset. That stance has softened dramatically in the last few months and Bitcoin proponents are biting at the heels of the SEC for the long awaited funds approval.
After Bitcoins early morning surge to nearly overtake a valuation of 60k, the new digital gold is now within striking distance of its all time high of $64,863 which was reached this past April. With current trends it seems more as matter of when, not if, new highs will be reached.
The completed mortgage payments made in September and October are ground breaking in several ways. They are not only the first payments made via cryptocurrency for UWM, but represent the first crypto transactions in the mortgage industry as a whole. While these handful of transactions only represent a pilot program for UWM, the company is making it crystal clear what their long term goals are. Ishbia went on to say;
Just last year at the same time, Bitcoin was trading for a shade over $11,000 showing just how far it has come in such a short span of time. During the past year, Bitcoin hass seen mainstream adoption from banks and hedge funds, was added to financial stalwarts PayPal’s and Square’s respective ecosystems, and has seen massive interest from the public seeing gains of over 95% during that span. The approval of various ETFs and further regulatory actions could both provide the sparks needed to push Bitcoin into completely new highs.
UWM did not make the disclosure as to whether the company would hold crypto or convert the funds into fiat currencies. Ishbia did comment that the group’s first footsteps into the crypto world for transactions were made by accepting Bitcoin to start but would be closely studying the feasibility of allowing Etherium and other cryptocurrencies to be used in the future.
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