Bitcoin Surges Over 100% in 2023 Despite ETF Setbacks, Driven by Limited Supply and Safe Haven Appeal

Bitcoin has rallied over 100% in 2023 despite fake news around spot ETF approvals, suggesting other factors are driving prices up.

Constrained supply, underinvested market participants, and bitcoin's appeal as a safe haven asset amid global tensions are potential catalysts.

Major asset managers are recommending bitcoin as a hedge against inflation and geopolitical risks that hurt traditional assets.

Banking crises in the U.S. and China may be prompting investors to turn to bitcoin as a "flight to quality."

Despite high expectations, many were unprepared for a bitcoin rally, and illiquid markets amplified the price surge.