Bitcoin surpassed the historical $100,000 on Thursday, marking a significant milestone that even skeptics recognize as a pivotal moment for digital assets. The surge reflects growing confidence in cryptocurrencies, buoyed by the prospect of a favorable regulatory environment under the incoming U.S. administration.
Bitcoin surged to an unprecedented high of $103,649 before settling at $98,803, representing a 0.95% increase for the day.
The crypto market’s total valuation has reached a record $3.8 trillion this year, nearly doubling its value. For context, Apple, one of the world’s most valuable companies, is currently valued at approximately $3.7 trillion.
Bitcoin’s journey from the fringes of financial discourse to the heart of Wall Street has created a new class, turned many early adopters into millionaires, and brought the concept of decentralized finance into mainstream conversation.
This year alone, Bitcoin’s value has more than doubled, climbing over 50% in the month following Donald Trump’s victory in the U.S. presidential election. Trump celebrated Bitcoin’s milestone on his social media platform, vowing to position the United States as a global leader in crypto innovation. Trump, once a critic of digital currencies, has since embraced their potential, promoting policies aimed at solidifying the U.S. as a hub for crypto-related developments.
Institutional interest has played a key role in Bitcoin’s ascent, with increased adoption of blockchain technology, tokenization, and cryptocurrency payment systems driving momentum. Regulatory clarity has also helped build confidence in the market.
Experts note a shift in investor behavior, with a surge in buying following Trump’s election. This renewed interest coincides with the growing institutional acceptance of Bitcoin. Newly approved Bitcoin exchange-traded funds (ETFs) in the U.S. have facilitated significant investment inflows, with over $4 billion entering the market since January. According to analysts, institutional buyers have acquired roughly 3% of the total Bitcoin supply in 2024, contributing to the rally.
The rise in Bitcoin’s price has lifted crypto-related stocks as well. Companies like Coinbase and Bitcoin miners such as MARA Holdings have seen their shares soar by nearly 65%. Meanwhile, MicroStrategy, a software firm holding over 400,000 Bitcoins, has experienced a 540% gain this year.
Despite Bitcoin’s rapid growth, some experts remain cautious, viewing it primarily as a speculative investment rather than a practical payment method. Fed Chair Jerome Powell compared Bitcoin to digital gold, emphasizing its volatility and limited use as a payment instrument or store of value. However, many believe the asset’s expanding adoption could reduce its historical price swings.
Criticism persists around Bitcoin’s environmental impact and its association with illicit activities. A recent U.S. and U.K. authorities’ operation dismantled a crypto-linked money laundering network. Nevertheless, proponents argue that Bitcoin’s resilience and integration into the financial system underscore its staying power. As time progresses, Bitcoin continues to establish itself as a significant player in the evolving financial landscape.
As BTC rises, many entities like Bit Mining Ltd. (NYSE: BTCM) are seeing their fortunes rising as well since the ongoing bullish conditions favor all industry actors.
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