Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead

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As a seasoned crypto investor with over a decade of experience navigating this volatile market, I find myself increasingly optimistic about Bitcoin’s potential growth following its historic milestone at $94,000. The recent surge in BTC price, driven by President Trump’s re-election and regulatory clarity promises, has been nothing short of exhilarating.

Bitcoin (BTC) reached a record high of $94,000 for the first time ever, following a robust upward trend that started on November 5, the day President-elect Donald Trump won his re-election bid. The prospect of regulatory clarity under Trump’s administration has sparked enthusiasm in the crypto market, causing BTC to surge by approximately 40% over the past two weeks.

‘Prepare For Possible Seven-Figure BTC Prices’

This rise is due to increased demand for purchasing Bitcoin and aligns with more investments flowing into Bitcoin Exchange-Traded Funds (ETFs). Additionally, discussions about a possible U.S. Bitcoin reserve have added to investors’ trust in the cryptocurrency market.

According to Adam Back, CEO of Blockstream and a strong supporter of Bitcoin, he proposes that the U.S. might consider setting up a strategic Bitcoin reserve. Given such a scenario, investors should brace themselves for potential Bitcoin prices reaching into the seven figures within this particular market cycle, as suggested by Back.

if the US Strategic Bitcoin Reserve happens prepare for 7 figure Bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in.

Discussion about this crypto-related project is heating up, with market expert Anthony Pompliano noting that Senator Cynthia Lummis’ proposed legislation could set it into motion. Additionally, former President Trump has expressed interest in utilizing the roughly 200,000 Bitcoins currently held by the U.S. government.

Bitcoin To $150,000 In 2025?

Although these suggestions are made, Pompliano contends that they don’t address the issue thoroughly enough. Instead, he champions a bolder strategy, proposing that during Trump’s inauguration, the U.S should print $250 billion and immediately use all of it to purchase Bitcoin.

Pompliano explains that a potential investment of $250 billion could buy around 2.8 million Bitcoins at the present value. Yet, he acknowledges that if the US government were to make such purchases, it would likely impact market prices. Therefore, he predicts an average purchase price could increase to approximately $150,000 per coin, meaning they’d acquire around 1.6 million Bitcoins instead.

With the additional 200,000 Bitcoins, the United States would become the world’s largest Bitcoin holder, amassing a total of 1.8 million BTC. Pompliano suggests that such an investment strategy, despite appearing expensive, could be a smart financial decision, offering potential for substantial long-term advantages.

At the time of writing, BTC is trading at $93,770, up 5% on the weekly time frame. 

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2024-11-19 23:28