- Bitcoin surpassed $100K, with Cathie Wood predicting its growth akin to gold.
- Bitcoin now exceeds silver’s value, sparking speculation about challenging gold’s $18 trillion market.
As a seasoned crypto investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself increasingly intrigued by Bitcoin’s meteoric rise. The recent surge past the $100K mark is a testament to its resilience and potential as a digital asset.
After Donald Trump’s win, the price of Bitcoin [BTC] soared beyond the predicted $100K threshold, hitting $102,750 on the 5th of December, which in turn boosted its total market value to an impressive $2 trillion.
Cathie Wood’s take on BTC’s $100k hike
Reaching this significant point has sparked enthusiasm about cryptocurrencies, as ARK Invest’s CEO, Cathie Wood, foresees even more expansion for Bitcoin.
It’s worth noting that the rise in cryptocurrency occurred around the same time when Paul Atkins was appointed as the new SEC Chair. Known for his support of cryptocurrencies, Atkins’ appointment may indicate a move towards a more welcoming regulatory landscape for digital currencies.
Remarking on the same, Wood took to X (formerly Twitter)and noted,
Exciting news for Bitcoin and digital property rights! The incoming SEC Chairman, Paul Atkins, is expected to loosen the grip on digital assets previously held by Gary Gensler, safeguarding individual property rights in the digital realm.
Powell and Wood on Bitcoin vs gold
Furthermore, remarks made by Jerome Powell, the Chairman of the Federal Reserve, during the DealBook Summit garnered much interest.
According to Powell, Bitcoin is more frequently considered as a form of value preservation, much like gold, instead of functioning as a standard currency such as the U.S. dollar.
Indeed, his remarks underscored Bitcoin’s evolving function within finance, emphasizing its increasing acceptance as a valuable digital asset over time, rather than a medium for regular day-to-day transactions.
Expressing on the matter, Wood noted,
Currently, the Chairman of the Federal Reserve, Powell, has likened Bitcoin to a digital form of gold. Notably, gold, valued at approximately $2,700 each, forms a market capitalization of about $15 trillion. In contrast, Bitcoin, currently worth around $2 trillion, is significantly smaller. Despite surpassing the $100,000 mark, Bitcoin is still considered to be in its early stages of development.
What’s next for Bitcoin?
Consequently, even though it had dropped by 4.24% over the last day, as reported by CoinMarketCap at the time of press, Bitcoin was being traded at $98,308.23. The enthusiasm for this digital currency appears to be unabated.
As ARK Invest CEO Cathie Wood aptly put it,
“Indeed, @ARKInvest believes that bitcoin is a much bigger idea than gold!”
Currently, Bitcoin’s market worth stands at an impressive $1.75 trillion, making it more valuable than silver. Globally, it ranks as the eighth most valuable asset in existence.
As a researcher delving into Bitcoin (BTC), this latest milestone has sparked some intriguing thoughts: Could BTC potentially maintain its growth trend and attempt to outpace gold’s dominance? With gold’s staggering market capitalization hovering around the $18 trillion mark, it presents a formidable challenge for BTC.
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2024-12-06 16:40