Toddler Makes 6,500% Profit As Bitcoin Price Surges To $62,000

KEY POINTS

The toddler received 1 BTC from her father in 2017
The price of Bitcoin had been roughly $915.80 at the time of purchase
The surge of Bitcoin price came after the SEC signaled it could greenlight Bitcoin futures

A toddler in Brazil made a 6,500% profit on one Bitcoin as prices soar back to the $60,000 mark.

The four-year-old girl, whose identity was not revealed, received 1 BTC from her father Joao Canhada in 2017 when Bitcoin was still priced at roughly $915.80.

“As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real,” Canhada, founder of a Brazilian crypto exchange Foxbit, told Cointelegraph.

The price of Bitcoin cracked the $60,000 barrier over the weekend, hitting a brief high of $62,600 for the first time since April. As of 10:14 p.m. Sunday, the price of Bitcoin was $62,109.89, according to Coin Desk.

The surge in Bitcoin price came after Bloomberg reported that the Securities and Exchange Commission is set to greenlight Bitcoin futures exchange-traded funds (ETFs). If it pushes through, investors will be allowed to speculate the price of the cryptocurrency without having to buy any Bitcoin.

Additionally, greenlighting Bitcoin futures can also allow investors to buy or sell cryptocurrency at a certain price on a certain date, CNET noted.

Bitcoin has rallied almost 90% over the past three months and is near reaching its record high of $64,869 set in April this year.

“Bitcoin has been on a tremendous bull run for more than a week. BTC rallied close to the $63K mark ahead of speculation regarding the Bitcoin Futures ETF launch on Monday. BTC has broken out of the channel pattern and we can expect the momentum to continue into the week ahead. The next resistance is expected at $63.3K," Siddharth Menon, COO of WazirX, told Live Mint.

Bitcoin prices shot up to $60,000 in April 2021 from just under $12,000 at the beginning of September 2020. However, the price dropped to $30,000 in May after Elon Musk signaled he was ready to withdraw his support of the cryptocurrency.

The prices also plunged after Chinese authorities launched a crackdown on cryptocurrency services in the country.