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Investing in Bitcoin in Florida will be easier with the new rules
Bitcoin on Tuesday reached a the highest value of all time following dips and fluctuations in its price in recent years as the cryptocurrency makes a foray into mainstream trading.
THE the price briefly topped $69,000surpassing its previous all-time high of $68,990.90 on November 10, 2021, the Wall Street Journal reported, which cited data from the CoinDesk Bitcoin Price Index.
In Florida, where cryptocurrency trading has its restrictions, a new SEC ruling could make things a lot easier. Just last year, during his presidential bid, Governor Ron DeSantis said the federal government should do more permissive approach to cryptocurrencies, according to a Forbes report. “We will allow Americans to invest in things like Bitcoin and cryptocurrencies,” DeSantis said at the time. Under the SEC’s new leadership, it may now be easier than ever.
Why has the price of Bitcoin increased so much?
The price of Bitcoin increased significantly last year due to crucial factors Regulatory approvals this has brought cryptocurrency trading more in line with stock trading.
In January, the Securities and Exchange Commission approved so-called exchange-traded funds, or ETFs, that match the price of Bitcoin. This allows everyday investors to tie their money to the cost of Bitcoin without owning any outright. Tuesday’s surge came as the traditional stock market fell. With the rise of cryptocurrencies, which act as nontraditional securities, Florida is uniquely positioned to trade them.
Is Bitcoin Legal in Florida?
Due to the encrypted nature of Bitcoin and other cryptocurrencies, their use has raised concerns about money laundering and other illegal activities. Some Florida laws have placed restrictions on Bitcoinsuch as applying for a money services license as well as maintaining an anti-money laundering program for institutions involved in cryptocurrency trading, placing them in a different category than typical stock brokers.
Economic uncertainties weigh on cryptocurrencies
The price of bitcoin and other cryptocurrencies plummeted after a major cryptocurrency lender effectively went bankrupt and blocked all withdrawals from its platform, citing “extreme market conditions.” (June 14)
AP
The new SEC approval, however, allows investors interested in cryptocurrencies to invest in them without going through the purchasing process.
How can I buy Bitcoin in Florida?
What hasn’t changed is that Bitcoin can currently be purchased directly in Florida online through online exchanges like LibertyX or Coinbase.
What’s new is that Floridians, along with everyone else nationwide, can buy ETFs tied to the value of Bitcoin on the open market like any other stock or security. Those interested in using Bitcoin or other cryptocurrencies as investment vehicles can now make the switch to normal online broker to trade ETFs.