Bitcoin (BTC) Price Nears All-Time High as Global Investors Turn to the Pioneering Cryptocurrency Amid US Presidential Election Fever

Media outlet CNBC reports that global investors are turning to Bitcoin, the pioneering cryptocurrency, as the US presidential election fever intensifies.

Global investors are turning to Bitcoin as the US presidential election fever intensifies. Media outlet CNBC reports that the first-born of the nascent sector has seen millions of dollars poured into it.

Investors Show Appetite Towards Bitcoin ETFs

As election proceedings draw nearer, US investors have shown a high appetite towards Bitcoin exchange-traded funds (ETFs), a traditional financial vehicle that provides an alternative exposure to the largest cryptocurrency by market cap.

The surging interest has recently been evident in the US ETFs’ incessant inflows. In the past three weeks, the Bitcoin investment vehicles have recorded a net inflow of $5.6 billion, as flows reach their highest levels since February.

Notably, the BlackRock iShare Bitcoin Trust (IBIT) has seen the highest inflow since the renewed traction. The asset manager has netted $4.4 billion in the past three weeks, accounting for 79% of all the Bitcoin acquired among US issuers.

Trump Trade Sentiment Driving Traction

The report ties the growing inflows to Wall Street’s bet that the sector will flourish following Republican nominee Donald Trump’s win amid his increasing odds of victory. Analysts have called cryptocurrency the “Trump trade,” with several assertions of a price upsurge if the pro-crypto candidate wins on November 5.

Trump has displayed a friendly stance towards digital assets, mentioning that he wants to make America the crypto capital of the world and intends to store Bitcoin as a strategic reserve asset. With his odds of victory surging extensively, investors are all looking to position themselves for maximum gains in assets he has shown interest in.

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