In a surprising turn of events, Bitcoin's price surged 60% following the arrest of Sam Bankman-Fried, the co-founder of FTX, on Thursday. Despite the serious charges leading to FTX's collapse, investor confidence in the digital currency remains unshaken.
Bankman-Fried is also facing a separate trial for additional charges. However, these recent developments have not deterred investors from betting on the cryptocurrency. The surge in Bitcoin's price post-arrest demonstrates continued faith in the digital asset.
Matrixport, a digital asset financial services platform, predicts that Bitcoin will reach a peak of $37,000 by the end of 2023. This optimistic forecast aligns with advice from Robert Kiyosaki, a renowned investor and author, who recommends investing in Bitcoin and two other commodities as a hedge against hyperinflation.
The potential U.S. approval of a Bitcoin ETF could further positively impact its price. This development is eagerly awaited by investors as it could provide more legitimacy and accessibility to the digital asset.
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