Bitcoin Hits $100K as Coinbase CEO Calls for Global Strategic Reserves

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the rise and fall of countless assets, trends, and investment strategies. However, Bitcoin (BTC) has caught my attention more than any other digital asset due to its unprecedented growth and potential.

Brian Armstrong, CEO of Coinbase, has advocated that every government worldwide should contemplate keeping Bitcoin as a strategic reserve. He voiced this opinion on his blog on December 4, offering insights into Bitcoin’s evolution over the past 12 years. His endorsement of the digital currency follows its surge to reach $100,000 in value.

Back in 2012, when Coinbase was established, an initial investment of $100 in Bitcoin (BTC) would have grown to a staggering $1.5 million today. Conversely, if the same $100 had been kept as cash, it wouldn’t be able to purchase as many goods and services due to inflation, now worth only approximately $73.

As an analyst, I find myself compelled to express my perspective on Bitcoin’s remarkable growth over the past decade. This impressive trajectory has led me to proclaim it as the top-performing asset in the last twelve years. Delving deeper into this topic, I believe that we are only scratching the surface of Bitcoin’s true potential as a digital asset. Consequently, I advocate for every government, especially those seeking to establish a safeguard against inflation, to consider establishing a strategic reserve for Bitcoin.

Governments and Investors Embrace Bitcoin

Countries like El Salvador have made Bitcoin a recognized form of currency, with their government now holding approximately 5,942 Bitcoins (as of November 22, 2024). Meanwhile, Bhutan owns over 12,000 Bitcoins, suggesting that an increasing number of countries are starting to explore the world of Bitcoin.

Spencer Hakimian, the founder of Tolou Capital Management, mirrored Armstrong’s opinions by emphasizing that Bitcoin stands alone in its capacity to create wealth unlike anything else in history. Hakimian further pointed out that Bitcoin has generated more wealth than any other asset ever before.

Bitcoin’s Surge to $103K Tied to Pro-Crypto Leadership at the SEC

Recently, the value of Bitcoin has been on the rise, reaching an unprecedented peak of $103,000. This dramatic spike in Bitcoin’s price could potentially be linked to the recent appointment of Paul Atkins, a crypto supporter, as the new chairman of the SEC, by President Donald Trump.

As an analyst, I’m excited about the recent appointment of a pro-crypto chairman within the regulatory agency. This move has sparked optimism across the crypto community, with many applauding this decision. Notably, Ripple CEO Brad Garlinghouse has expressed approval, stating that this change will reintroduce ‘common sense’ to the agency. He emphasizes that the trio of Paul Atkins, Hester Peirce, and Mark Uyeda will mark an end to the stifling era for cryptocurrencies, pave the way for economic growth, encourage innovation, and uphold freedom within the sector.

Commissioner Hester Peirce, affectionately known as ‘Crypto Mom’, mentioned on her designated page that the Securities and Exchange Commission (SEC) has a significant amount of work ahead to foster free markets, aid in capital formation, expand investor options, and nurture innovation. She expressed delight at Paul Atkins’ appointment as the next SEC chair, stating that she couldn’t imagine a more suitable individual for the role, characterizing him as an ideal choice to spearhead these initiatives.

A pro-cryptocurrency leader at the SEC might allow for greater autonomy within the crypto sphere, potentially boosting its worth. Cryptos are currently in their infancy, and there’s a great deal of excitement about their potential to climb even higher. Robert Kiyosaki, known for his Rich Dad Poor Dad series, foresees Bitcoin reaching approximately $250,000 by 2025.

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2024-12-05 13:10