Following Donald Trump’s win, Bitcoin [BTC] has surged past the expected $100K milestone, hitting $102,750 on December 5th, and boosting its market cap to $2 trillion.
Cathie Wood’s perspective on BTC’s rise to $100k
This significant achievement has sparked hope within the cryptocurrency sphere. Cathie Wood, the CEO of ARK Invest, foresees even further expansion for BTC.
Notably, the surge coincided with Trump naming Paul Atkins as the new SEC Chairman. Atkins is a well-known advocate for cryptocurrencies, hinting at a more favorable regulatory landscape for digital assets.
In response, Wood shared her thoughts on X (previously known as Twitter), stating,
“Exciting day for #bitcoin and digital ownership rights! With incoming SEC Chairman Paul Atkins liberating digital assets from Gary Gensler’s grip, private property rights within the digital realm will be upheld.”
Powell and Wood compare Bitcoin to gold
Moreover, remarks from Federal Reserve Chair Jerome Powell at the DealBook Summit garnered considerable attention.
Powell highlighted that Bitcoin is increasingly being seen as a store of value akin to gold, rather than a traditional currency like the U.S. dollar.
As expected, Powell’s statements underlined BTC’s evolving position in finance, with a growing acknowledgment of its enduring worth as a digital asset rather than a daily transaction currency.
Reflecting on this, Wood remarked,
“Today, Fed Chair Powell characterized bitcoin as a virtual, digital likeness of gold. Gold, at $2,700, is approximately a $15 trillion market, dwarfing bitcoin at just around $2 trillion. Even after crossing the $100,000 threshold, bitcoin is still in its early stages of development.”
What lies ahead for Bitcoin?
Despite the recent decline, Bitcoin was trading at $98,308.23 at the time of writing, marking a 4.24% decrease over the past 24 hours according to CoinMarketCap. Nonetheless, the enthusiasm surrounding the cryptocurrency remains unwavering.
As succinctly stated by ARK Invest CEO Cathie Wood,
“Indeed, @ARKInvest believes that bitcoin represents a much larger concept than gold!”
With a market value of $1.75 trillion, Bitcoin has now overtaken silver, positioning it as the eighth most valuable asset globally.
This milestone poses questions about Bitcoin’s future. Will it continue its upward trajectory to challenge gold, a market leader with a capitalization of nearly $18 trillion?