As a seasoned researcher who has closely observed the evolution of digital currencies over the past decade, I find it fascinating to witness Bitcoin reaching new heights and milestones. The $100,000 mark is indeed a historic achievement, but it’s not just another number on a chart for me – it’s a testament to the resilience and potential of this innovative technology.
On December 5th, Bitcoin reached a significant achievement by surpassing the $100,000 price barrier for the first time, and the head of ARK Invest believes that this digital currency is only just getting started, suggesting it’s still in its early stages.
Cathie Wood, founder and CEO of the crypto-friendly investment firm ARK, said that the future of Bitcoin (BTC) is bright even after BTC broke through $100,000.
On December 5, Wood expressed congratulations towards X, celebrating the industry upon Donald Trump’s appointment of pro-cryptocurrency advocate Paul Atkins as a replacement for Gary Gensler as the next head of the U.S. Securities and Exchange Commission.
Additionally, she noted that the Chairman of the U.S. Federal Reserve, Jerome Powell, likening Bitcoin to a digital form of gold, made some insightful comparisons between BTC and gold.
“Bitcoin is a much bigger idea than gold”
ARK Investment Management’s Wood pointed out the comparison between the Bitcoin market and the physical gold market, emphasizing that the gold market is valued at around $15 trillion when priced at $2,700 per ounce.
At the moment, Bitcoin is worth approximately $102,750 each. This gives it a total market value of around $2 trillion. Compared to gold’s market value of about $15 trillion, this presents a substantial potential for growth in Bitcoin’s value.
In relation to Powell’s comparison of Bitcoin to “digital gold,” Wood implied that the idea behind Bitcoin transcends gold due to its digital and boundary-free characteristics. Her statement essentially conveyed that Bitcoin goes beyond the physical limitations of gold.
“Indeed, ARK Invest believes that Bitcoin is a much bigger idea than gold.”
In March 2024, Wood predicted that Bitcoin is well set to break a $1 million milestone by 2023.
Bitcoin has reached a $2 trillion market cap in 15 years since its launch
In contrast to firms such as Amazon, which required approximately 29 years to reach a market value of $2 trillion, Bitcoin achieved this milestone in under 16 years following its initial transaction in January 2009.
In just over four decades, Apple, which ranks second only to the gold market, finally surpassed a value of two trillion dollars in its stock market worth for the very first time, in the year 2020.
Presently, Bitcoin holds approximately 52.6% of the overall cryptocurrency market value, which totals around $3.9 trillion as per data from CoinGecko.
The fact that Bitcoin reached $100,000 in value and became an approximately $2 trillion asset is a notable achievement within the crypto market, as stated by Danny Chong, a co-founder of Tranchess. However, this development wasn’t unexpected for him.
According to Chong, the growth of financial entities like BlackRock, Fidelity, Grayscale, among others, along with Bitcoin ETFs becoming available by 2024, creates a favorable environment leading up to this point.
“This price point isn’t just a number — it’s a testament to Bitcoin’s growing legitimacy and mainstream acceptance.”
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2024-12-05 13:57