Crypto Expert Andy Baehr Talks Bitcoin's Push to Its Highest Level Since January

00:00 Speaker A

Well, for Bitcoin, the bulls are back in town. This cryptocurrency has gained roughly $10,000 in the past two week and recently broke above the $85,000 a token mark for the first time since January before settling back to around $84,000 a token. Andy Bear, managing director of asset management at GSR tracks Bitcoin closely. He joins me now in studio with more. Andy, good morning.

00:30 Andy Bear

Morning to you.

00:31 Speaker A

What do you make of the price of Bitcoin?

00:33 Andy Bear

Yeah, so, uh we had this really desperately lethargic and sideways summer, uh low energy market, and Bitcoin was kind of at or below its actual production price that it, you know, that it takes miners to produce a Bitcoin and below the price where most ETF holders had purchased. So that was a a summer that we kind of had to struggle through. We were waiting for passage of the Clarity Act or at least a vote on it in August, that failed. But the news of the failure kind of let crypto breathe a little bit. We broke out from there on August 19th. We broke out again after last week when Clarity failed again and and when the Fed hiked. So I think it's kind of like a be cautious on the on the news, but once the news is out, you can breathe again. So the market feels pretty good, more energetic now, uh, and ready for the tests ahead.