Bitcoin has now surpassed $100,000 as Wall Street sinks its teeth into the most important digital asset.
The price of BTC has risen to a high of $101,349 at the time of publication, up 5.5% in the past 24 hours.
BTC’s historic rise above six figures comes after the explosive launch of Bitcoin ETFs this year and the multibillion-dollar launch of Bitcoin ETF options last month.
Collectively, the US-based Bitcoin ETFs have now done just that gathered more than $110 billion worth of BTC, according to crypto data aggregator Coinglass.
BlackRock’s Bitcoin ETF is, and already is, the fastest growing of all time bigger 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, DC
In his campaign, newly elected President Trump promised that his administration will strategically retain Bitcoin, which the US has collected from criminal cases, rather than sell the cryptocurrency on the open market.
He also promised to implement policies that strengthen cryptocurrency self-control and grow the industry as a whole.
Trump’s choices for Treasury Secretary and SEC chairman Scott Bessent and Paul Atkins are both crypto-friendly, which is an early sign of the coming shift in the U.S. government’s attitude toward digital assets.
Meanwhile, Senator Cynthia Lummis of Wyoming is touting her proposal to create a national Bitcoin Strategic Reserve.
In a recent interview with CNBC, Lummis said say she believes that the government should sell some of its exposure to gold to buy BTC.
“We have reserves at our twelve Federal Reserve Banks, including gold certificates, that are convertible to current fair market values.
They are kept in the books according to the values of the seventies, and then [we can] sell them in Bitcoin. That way we don’t have to use new dollars to build this reserve.”
Bitcoin’s rise from total obscurity at its launch in 2009 to six figures per BTC makes it increasingly difficult to argue against the use case of digital assets as a global protocol for wealth preservation and accumulation.
The success of the asset is due to many factors, including the so-called flawless conception – created by an unknown person or team that went by the name Satoshi Nakamoto and disappeared without making a profit.
The Bitcoin network operates on a set of core technological features and financial principles that fuel its growth, including limited supply, decentralized security, easy transaction capabilities, and cryptographic self-custody.
Bitcoin’s current market cap is $2,005,100,870,839. That is greater than the market capitalizations of Tesla, Meta, Silver and Saudi Aramco.
Six assets on Earth are now bigger than Bitcoin, with gold in first place at $18 trillion, followed by Nvidia, Apple, Microsoft, Amazon and Google.
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Featured image: Shutterstock/mohammad_amin_baktash/Chuenmanuse