Bitcoin has now surpassed $100,000 as Wall Street sinks its teeth into the top digital asset.
The price of BTC has jumped to a high of $101,349 at time of publishing, up 5.5% in the last 24 hours.
[adinserter block="1"]BTC’s historic push above six-figures comes after this year’s explosive launch of Bitcoin ETFs and last month’s billion-dollar launch of Bitcoin ETF options.
Collectively, US-based Bitcoin ETFs have now amassed more than $110 billion in BTC, according to the crypto data aggregator Coinglass.
BlackRock’s Bitcoin ETF is the fastest growing of all-time, and is already larger than BlackRock’s gold ETF – despite the gold ETF’s 19 year head-start.
After hitting Wall Street, the big question is what’s next for Bitcoin in Washington, D.C.
In his campaign, President-elect Trump pledged his administration will strategically hold Bitcoin that the US has collected from criminal cases, instead of selling its crypto on the open market.
He also promised to implement policies that solidify crypto self-custody and grow the industry at large.
Trump’s picks for Treasury Secretary and SEC Chair, Scott Bessent and Paul Atkins, are both crypto-friendly, in an early sign of the coming shift to the US government’s posture towards digital assets.
Meanwhile, Wyoming Senator Cynthia Lummis is touting her proposal to create a national Bitcoin Strategic Reserve.
In a recent interview with CNBC, Lummis says she believes the government should sell some of its exposure to gold to buy BTC.
“We have reserves at our 12 Federal Reserve Banks, including gold certificates, that could be converted to current fair market value.
They’re held at their 1970’s values on the books, and then [we can] sell them into Bitcoin. That way, we wouldn’t have to use any new dollars in order to establish this reserve.”
Bitcoin’s rise from total obscurity at launch in 2009 to six figures per BTC makes it increasingly difficult to argue against the digital asset’s use case as a global protocol for wealth preservation and accumulation.
The asset’s success is due to many factors including its so-called immaculate conception – created by an unknown person or team who went by the name Satoshi Nakamoto and disappeared without taking profit.
The Bitcoin network operates on a set of core technological features and financial principals that fuel its growth including a limited supply, decentralized security, easy transactability and cryptographic self-custody.
Bitcoin’s current market cap stands at $2,005,100,870,839. That’s larger than the market caps of Tesla, Meta, Silver and Saudi Aramco.
Six assets on Earth are now larger than Bitcoin, with gold in first place at $18 trillion, followed by Nvidia, Apple, Microsoft, Amazon and Google.
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