As a researcher with over two decades of experience in the financial industry, I have witnessed numerous market trends and cycles. However, the meteoric rise of Bitcoin has left me utterly astounded. The recent surge beyond $100,000 is not just a milestone for BTC; it’s a testament to the growing acceptance and recognition of cryptocurrencies as a legitimate asset class.
The price of Bitcoin (BTC) has garnered global investor interest following its first-time breakthrough over the $100,000 mark since its inception. In the past 24 hours, the primary cryptocurrency increased by over 8%, trading around $103,541 during early trading on December 5 in New York. The 24-hour volatility stands at 6.1%. Its market cap currently hovers around $2 trillion, with a 24-hour volume of approximately $149.56 billion.
It’s clear that interest in Bitcoin is growing rapidly, as the total futures open interest (OI) reached a record high of over $66 billion for the first time ever recently. Moreover, institutional investors like MicroStrategy Inc. (NASDAQ: MSTR) have been actively amassing more Bitcoin. To add to that, BlackRock’s IBIT has been consistently purchasing large amounts of Bitcoin daily.
Trump Reassures His Commitments to the Bitcoin and Crypto Industry
In light of Bitcoin’s surge past $100k, Donald Trump, our incoming U.S. President, has extended his congratulations via the Truth Social platform. He reaffirmed his pledge to collaborate with the crypto sector, aiming to contribute to the nation’s growth and prosperity.
https://x.com/erictrump/status/1864663895010390176?s=46
The post by Trump attracted more attention from the crypto community, as the country prepares to lead in the creation of a strategic Bitcoin reserve. According to Michael Saylor, the founder of MicroStrategy, the United States will significantly benefit from a Bitcoin president in the coming years.
Previously reported by Coinspeaker, Dennis Porter is collaborating with 11 U.S. states via the Satoshi Action Fund to legislate a strategic Bitcoin reserve. Additionally, it’s been suggested that former President Trump plans to accumulate Bitcoin, beginning with the approximately 188k BTC seized from the Silk Road marketplace.
Proposed by Cynthia Lummis, US senator from Wyoming, a Bitcoin bill suggests that the U.S. government should acquire 1 million Bitcoins within the next five years and hold onto them for at least two decades. Lummis firmly believes that establishing a strategic Bitcoin reserve could significantly lighten the financial burden on American taxpayers by addressing the escalating debt, which currently stands at over $36 trillion.
Bigger Picture
As more countries plan to establish a strategic Bitcoin reserve, it’s anticipated that the usage of Bitcoin as a safeguard against inflation and currency depreciation will rise substantially. Additionally, Federal Reserve Chairman Jerome Powell stated that Bitcoin should be seen as a form of digital gold rather than something competing with the U.S. economy.
As a result, it’s predicted that Bitcoin’s market value will increase dramatically over time, surpassing many prominent tech firms and even reaching the level of gold. In lockstep, the overall cryptocurrency sector is expected to grow in sync with Bitcoin as more investors explore profitable alternatives like altcoins.
Currently, the cumulative value of all cryptocurrencies, roughly $3.89 trillion, exceeds that of Apple Inc., whose market capitalization is approximately $3.67 trillion on NASDAQ (symbol: AAPL).
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2024-12-05 19:48