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Bitcoin Hits Record-breaking All-time High Against NZD

Bitcoin has today hit an all-time high in relation to the NZD of $104,606NZD, outstripping its November 2021 height of $91,365. Against the USD, Bitcoin is now tantalisingly close to a new historic all-time high of $70,000 USD ($113,268 NZD) per BTC, which would mark its tenth all-time high since the digital asset’s inception.

Testament to the growing popularity of the cryptocurrency market, the latest price action is underscored by an increasing acceptance of Bitcoin by mainstream financial institutions. Financial behemoths BlackRock, Invesco and Fidelity are among 11 spot Bitcoin exchange-traded funds (ETFs) issuers that entered the market in January 2024.

Ben Rose, Binance Australia and New Zealand General Manager, is excited to see the growing interest in crypto among new investors.

“We’ve always had an unwavering belief in the potential of cryptocurrency and it’s exciting to see more and more people becoming aware of that potential,” says Rose.

Lower barriers to entry for new investors

The Bitcoin price surge has seen many of the Bitcoin ETFs setting all time daily volume records as new retail and institutional investors gain exposure to Bitcoin trading without owning the asset directly.

Rose says, “With the introduction of spot Bitcoin ETFs, investing in Bitcoin is now more accessible than ever for first-time investors and we’ve seen an influx of new investors dipping their toes into crypto for the first time.

“As Bitcoin is increasingly recognised as a legitimate investment option through the ETF listings, the wider crypto market is gaining more interest as an emerging asset class as a whole.”

April’s Bitcoin halving highly anticipated

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These milestones come as investors eagerly anticipate the upcoming Bitcoin halving, expected to occur in April this year. The halving, which is coded to occur every 210,000 blocks and has happened roughly every four years, halves miner rewards and ensures a supply cap of BTC at 21 million.

“Bitcoin has historically traded in four year cycles and key events like the halving help participants anticipate how the market might behave. Previous halvings have preceded a corresponding bull run to all-time highs however the impact on price is of course hotly debated and anticipated by market participants,” said Rose.

This year’s halving will be the first halving event in Bitcoin history with significant funds coming from institutions and traditional markets as well, thanks to Bitcoin ETFs.

Rose emphasises that events like the halving serve as a reminder of Bitcoin's fundamental strengths, setting it apart from traditional fiat currencies.

“Reaching an all-time NZD high, even before the halving, speaks volumes to the growing acceptance and optimism towards crypto. While ETFs helped to break down entry barriers into crypto investing, more and more people are understanding the attractive characteristics of Bitcoin.

“Unlike traditional fiat currencies which are inflationary and constantly expanding in supply, Bitcoin’s algorithmically determined supply and its precoded halving event create a scarce and desirable asset that is free from inflationary debasement from a central party. Right now we are seeing that investors are seeking certainty in volatile times, and with global debt increasing at record levels, Bitcoin and its set-in-stone halving event provides confidence that its scarcity will continue,” says Rose.

As the crypto industry continues to attract new investors year on year, Rose is optimistic about the sector’s trajectory.

“It’s no surprise to see Bitcoin surging in a year when entry barriers to investing have never been lower. Investing and trading in crypto is no longer restricted to tech-savvy individuals.”

© Scoop Media

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