Bitcoin has made a groundbreaking leap, surpassing $100,000 as it captures the attention of Wall Street investors. The current price of BTC has surged to an all-time high of $101,349, marking a 5.5% increase in the last 24 hours.
This milestone for Bitcoin follows a year of explosive growth in the launch of Bitcoin ETFs and the recent introduction of billion-dollar Bitcoin ETF options. US-based Bitcoin ETFs have collectively accumulated over $110 billion in BTC, according to data from Coinglass. Among these, BlackRock’s Bitcoin ETF stands out as the fastest-growing, now surpassing the size of BlackRock’s gold ETF despite the latter having a 19-year head start.
With Bitcoin gaining traction on Wall Street, the focus now shifts to Washington, D.C. President-elect Trump has pledged to strategically hold the Bitcoin collected from criminal cases instead of selling it on the open market. Furthermore, he aims to implement policies that support crypto self-custody and foster growth in the industry.
Trump’s selections for Treasury Secretary and SEC Chair, Scott Bessent and Paul Atkins, are both known for their positive stance on cryptocurrencies, signaling a shift in the US government’s approach to digital assets. In addition, Senator Cynthia Lummis from Wyoming has proposed the creation of a national Bitcoin Strategic Reserve, suggesting the government should convert its gold reserves into Bitcoin.
Bitcoin’s journey from obscurity in 2009 to reaching six-figure values underscores its role as a global protocol for wealth preservation and accumulation. The asset’s success can be attributed to its unique features, including a limited supply, decentralized security, ease of transactability, and cryptographic self-custody.
As of now, Bitcoin’s market cap stands at $2,005,100,870,839, exceeding the market caps of major companies like Tesla, Meta, Silver, and Saudi Aramco. While six assets still outrank Bitcoin in terms of market cap, including gold, Nvidia, Apple, Microsoft, Amazon, and Google, its rapid ascent showcases its potential as a formidable player in the financial landscape.
In conclusion, Bitcoin’s surge past $100,000 signifies a significant milestone in its evolution as a digital asset. With increasing adoption from institutional investors and a favorable regulatory outlook in the US, Bitcoin is poised to continue its upward trajectory as a leading player in the global financial ecosystem. Stay updated on the latest developments by subscribing to email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.
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(Image Source: Shutterstock/mohammad_amin_baktash/Chuenmanuse)