The ongoing bullish run in Bitcoin prices has handed over a profit of 6,500% to a toddler in Brazil. Joao Canhada, the father of the 4-year old girl (whose name was undisclosed), purchased a Bitcoin for her in 2017. At that point in time, the price of Bitcoin was around $915.80. Canhada, who runs Foxbit cryptocurrency exchange in Brazil, said he spent 5,000 Brazilian Real on the purchase.
With the Bitcoin price shooting rapidly, crossing $60,000 mark over the weekend and settling around the $62k mark on Sunday, the toddler has made a humongous profit on the purchase. This unprecedented rise in the value of BTC comes in the backdrop of the Bloomberg report that the Federal Agency Securities and Exchange Commission is all set to allow Bitcoin futures exchange-traded funds.
This means that investors will be allowed to speculate on the prices of Bitcoin without having the actual need to buy one in the future. It is important to note that this greenlighting also means that investors can sell and buy Bitcoin at a particular price and a particular point in time.
This is indeed a significant development. If the proposal goes through, it will help the entire cryptocurrency domain enhance its reach and adoption among target audiences. This explains the euphoria in the market and the prices of Bitcoin getting a tremendous push and crossing the $60k mark again.
Earlier this year in April, Bitcoin surged to a record high, with its price going past $64k. However, it tumbled down subsequently in May in the backdrop of Elon Musk’s announcement of discontinuing Bitcoin as a payment option for buying Tesla. Further, the crackdown by Chinese authorities on Bitcoin mining firms also negatively impacted the prices of Bitcoin.