Bitcoin (BTC) price has hit $50,000 levels last seen on December 28, 2021, around two years back.
It comes despite the Super Bowl disappointing the BTC community, as a related commercial was not displayed. Nevertheless, Twitter founder and former chief executive Jack Dorsey did not disappoint. The Bitcoin maximalist showed up with a “Satoshi” T-shirt.
The $50,000 milestone also comes amid growing optimism for the BTC halving, expected around April 24, with approximately 10,000 blocks remaining until the event.
Meanwhile, the spot BTC exchange-traded funds (ETFs) narrative continues to drive markets, with reports indicating that assets under management (AUM) have broken a 30-year record in the first month of trading.
Specifically, VC investor, Bitcoiner, and entrepreneur Anthony Pompliano said in an appearance on CNBC that while there have been 5,500 ETF launches over the last 30 years, spot BTC ETFs have been able to beat all ETFs launched since.
Notably, none of the earlier ETFs were able to collect $3 billion of inflows during the first month of trading.
Wall Street appears to be buying BTC in their masses, with data showing purchases upwards of 12.5x more BTC per day than the network can produce. This leads to increasing demand and price.
Another narrative that has played a role in the Bitcoin price surge on Monday is the speculation that US President Joe Biden could be a BTC maximalist. This is after a post on X with his eyes flashing red. The other side of this post could be that the Super Bowl has been rigged.