Bitcoin Approaches $120,000 as El Salvador Legalizes Bitcoin Investment Banks
Bitcoin is approaching the $120,000 mark due to reduced supply and significant global events.
- Harvard University allocated $116.6 million to BlackRock’s IBIT Bitcoin ETF.
- El Salvador enacted a law allowing regulated investment banks to hold Bitcoin, aiming to attract foreign capital and enhance its crypto finance hub status.
- Japan's entry into the Bitcoin ETF market faces delays; SBI Holdings has not yet filed for spot crypto ETFs but plans to launch linked investment trusts pending regulatory approval.
El Salvador's Investment Banking Law
New legislation permits regulated investment banks in El Salvador to manage Bitcoin and digital assets, targeting sophisticated investors with a minimum starting capital of $50 million. Critics argue this favors wealthy institutions over local citizens.
Harvard's Significant Bitcoin Investment
Harvard's investment marks a substantial shift in its portfolio, now making Bitcoin its fifth-largest holding after major tech stocks. US spot Bitcoin ETFs have seen $54 billion in inflows since early 2024.
Bitcoin is currently trading at $118,320, an increase of 4% over the past week.