Bitcoin crossed the $100,000 barrier for the first-time on Thursday. The optimism was fueled by the expectation of a crypto-friendly regulatory environment under the new US president-elect Donald Trump.
This milestone highlights Bitcoin’s increasing acceptance within mainstream finance, and its potential to be adopted by a broader range of institutions.
Investors bet on Trump’s crypto friendly policies that aim to make the US a leader globally in digital assets.
Bitcoin’s value has doubled and gained 45% since Trump won the election.
Bitcoin was trading at $102,302 when this article was written, up by 6.64% over the previous session.
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Analysts attribute the surge in cryptocurrency to growing investor confidence.
“We are witnessing a paradigm change,” Mike Novogratz CEO of Galaxy Digital, told Reuters.
Bitcoins and digital assets are moving towards financial mainstream acceptance due to institutional adoption, advances in tokenization and clearer regulations.
Fed Chair Powell says Bitcoin is a rival to gold
Federal Reserve Chair Jerome Powell described Bitcoin as being a rival to gold. He emphasized its role as an asset that preserves monetary value, rather than serving as currency.
Powell, speaking at the New York Times DealBook Summit 2024, highlighted cryptocurrency characteristics and volatility.
Bitcoins are more similar to gold in their virtual form. It’s not used as a means of payment or reliable storage.
Powell said that the gold is a more serious competitor than the dollar.
Why has Bitcoin risen?
Investors have taken note of Trump’s promise to turn the US into “the crypto capital of the world”.
Bitcoin is making history. The parabolic flight is now underway.
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It is anticipated that his administration will rollback the strict regulatory measures implemented under current US Securities and Exchange Commission leadership.
Gary Gensler, the SEC chair, announced that he will step down from his position in January. This opens the door for Trump’s choice, Paul Atkins to take over as the head of the SEC.
Atkins is a former SEC Commissioner and crypto advocate. He co-chairs Token Alliance, and works closely with Chamber of Digital Commerce in developing best practices for trading and issuance platforms of digital assets.
Seth’s appointment has been interpreted as an indication of the Administration’s desire to foster innovation in cryptocurrency.
BTC to $100k: Will Bitcoin continue its rise?
Bitcoins’ rise above $100,000 is a major turning point for the cryptocurrency, which has evolved from being a small asset into a financial tool of importance.
Experts from the industry point out that institutional adoption, as well as technological advances, are key factors in this growth.
Reuters quoted Justin D’Anethan as saying, “Bitcoin passing $100,000 isn’t a mere number. It reflects a broader change in global technology, geopolitics, and finance.”
Bitcoin has become more relevant and resilient than ever before.
This milestone is more than 16-years after Bitcoin was created, during a time of skepticism and regulatory issues, as well as market volatility.
BTC’s adaptability and resilience have been demonstrated despite these challenges.
ATH! It has risen by 160% in the last year alone. Celebrate together! What is the next goal?
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Despite Bitcoin surpassing $100,000, institutions and crypto-personalities remain optimistic about Bitcoin’s growth.
Within the next couple of years, new price targets will range from $150,000 to $500,000 due to increased institutional adoption and momentum in the market.
Bernstein Research revised their bullish price prediction for Bitcoin and projected that it would reach $200,000 in 2025.
The updated goal, which was previously $150,000, reflects a growing demand from institutions for cryptocurrency across different regions.
Charles Hoskinson is the Cardano founder and he’s even more positive.
He believes that Bitcoin could reach $250,000 in the next 2 years.
Hoskinson thinks Bitcoin’s upper limit may reach $500,000 due to rapid adoption and expanded use cases.
Bitcoin’s $100k milestone: What it means for the crypto market
Bitcoin’s rise is likely to spread ripple effects throughout the cryptocurrency market.
Investors are looking to diversify portfolios and could be re-engaging in altcoins like Ethereum, Solana, or Ripple.
Blockchain technology, tokenization and other advancements could also help integrate cryptocurrency into existing financial systems.
The US is poised to play a leading role in the digital assets ecosystem. This will allow Bitcoin and other cryptos to maintain their growth trajectory.
Trump’s crypto policies, and potential regulatory reductions in this space could spur further innovation and investment.
Bitcoin’s rise above $100,000 is more that just a landmark; it is a testimony to its increasing acceptance as an economic hedge and store of value.
Bitcoin will likely expand its global role as geopolitical dynamics and regulatory clarity continue to improve.
It is important to remember that despite previous controversies the future of financial services is digital.
The post Bitcoin passes $100,000: A milestone that was once dismissed as a fantasy is now a reality could be updated as new information becomes available
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