Bitcoin just blew past the $100,000 mark, sending shockwaves through Wall Street and Washington D.C.
Wall Street’s Bitcoin Embrace
The price surged to a high of $101,349, a 5.5% jump in just 24 hours. This incredible rise follows the hugely successful launch of Bitcoin ETFs earlier this year, and the recent billion-dollar launch of Bitcoin ETF options. US-based Bitcoin ETFs now hold over $110 billion in Bitcoin, according to Coinglass. BlackRock’s Bitcoin ETF is growing faster than any other, even surpassing BlackRock’s gold ETF despite the latter’s 19-year head start.
Bitcoin’s Washington Push
Now, the focus shifts to Washington. President-elect Trump’s campaign promises included holding onto Bitcoin seized from criminals instead of selling it, and implementing policies supporting crypto self-custody and industry growth. His picks for Treasury Secretary and SEC Chair are both reportedly crypto-friendly, hinting at a major shift in government policy. Senator Cynthia Lummis is even proposing a national Bitcoin Strategic Reserve, suggesting the government sell some gold reserves to buy Bitcoin. She argues this could be done without using new dollars, by converting existing gold reserves held at their 1970s values to their current market value and then purchasing Bitcoin.
Bitcoin’s Amazing Journey
Bitcoin’s journey from obscurity in 2009 to a six-figure price tag is remarkable. Its success is attributed to several factors, including its mysterious origins (created by the unknown Satoshi Nakamoto), its limited supply, decentralized security, ease of transactions, and cryptographic self-custody.
Bitcoin’s Market Dominance
Bitcoin’s current market cap is a staggering $2,005,100,870,839, surpassing the market caps of companies like Tesla, Meta, and Saudi Aramco. While still smaller than the top six assets globally (gold, Nvidia, Apple, Microsoft, Amazon, and Google), its growth is undeniable.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Do your own research before investing in anything, especially high-risk assets like cryptocurrencies. Any investment decisions are solely your responsibility.
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