DON'T LOOK NOW, but Bitcoin is back. This may come as a surprise to investors who wrote off crypto altogether after a spectacular series of frauds and mishaps led the value of the currency to plummet by around 75% from late 2021 through 2022.
Yet it's hard to argue with recent numbers. Since it bottomed out at $16,000 in November 2022, Bitcoin has rebounded; in March it passed the $70,000 mark for the first time.
Like it or not, the quirky currency stands as one of the best-performing assets of the year and of the decade-even after a recent pullback.
Many changes have driven this rally, but one of the biggest is the fact that you can now invest in Bitcoin through exchange-traded funds (ETFs)-a process that feels far safer and easier for newcomers.
Long-established financial brands like BlackRock and Fidelity have jumped into the ETF game, conferring legitimacy on a sector still viewed by many as the province of rogues and gamblers. The halo effect of the giant asset managers may spread still further in coming months, as they begin including Bitcoin ETFs in some of the model portfolios they recommend to investment advisors. But for the novice wondering if now's the time to invest, it's critical to understand how Bitcoin and other cryptocurrencies work-as well as the forces behind the recent rally.
Different this time?
This story is from the April - May 2024 edition of Fortune US.
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