- Bitcoin surpassed $100,000, with Cathie Wood predicting growth comparable to gold.
- Bitcoin now surpasses the value of silver, sparking speculation about challenging the $18 trillion gold market.
With Donald Trump’s victory, Bitcoin [BTC] has passed the expected $100,000 mark and reached $102,750 on December 5, pushing the market cap to $2 trillion.
Cathie Wood’s take on BTC’s $100,000 increase
This milestone has fueled optimism in the crypto space. Cathie Wood, CEO of ARK Invest, predicts even greater growth for BTC.
Interestingly, this increase coincided with Trump’s appointment of Paul Atkins as the new chairman of the SEC. Atkins is a prominent crypto supporter. This signals a shift towards a more favorable regulatory environment for cryptocurrencies.
Making the same comment on this, Wood went to X (formerly Twitter) and commented:
“Great day for #bitcoin and digital property rights! Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s stranglehold and protect private property rights in the digital world.”
Powell and Wood on Bitcoin vs. Gold
Additionally, Fed Chairman Jerome Powell’s comments at the DealBook Summit received a lot of attention.
Powell noted that Bitcoin is increasingly seen as a store of value, similar to gold, rather than a traditional currency like the US dollar.
As expected, his comments highlighted BTC’s changing role in the financial world, with a growing recognition of its long-term value as a digital asset, rather than as a currency for everyday transactions.
Wood commented on this:
“Today, Fed Chairman Powell described bitcoin as a virtual, digital version of gold. At $2,700, gold is a ~$15 trillion market, compared to bitcoin at just ~$2 trillion. Even after breaking $100,000, Bitcoin is still in the early innings.”
What’s next for Bitcoin?
Therefore, despite the recent dip, BTC was trading at $98,308.23 at the time of writing, after dropping 4.24% in the past 24 hours according to CoinMarketCapthe excitement surrounding the cryptocurrency remains unchanged.
As Cathie Wood, CEO of ARK Invest, aptly put it:
“Indeed, @ARKInvest believes bitcoin is a much bigger idea than gold!”
Bitcoin has now surpassed silver, with a market value of $1.75 trillion. This makes it the eighth most valuable asset worldwide.
This milestone raises questions about the future of BTC. Will it continue its upward trajectory to challenge gold? The market capitalization of gold is almost $18 trillion.