- Bitcoin surpassed $100K, with Cathie Wood predicting its growth akin to gold.
- Bitcoin now exceeds silver’s value, sparking speculation about challenging gold’s $18 trillion market.
With Donald Trump’s victory, Bitcoin [BTC] has surged past the anticipated $100K mark, reaching $102,750 on the 5th of December and pushing its market capitalization to $2 trillion.
Cathie Wood’s take on BTC’s $100k hike
This milestone has fueled optimism in the crypto space. ARK Invest CEO Cathie Wood predicts even greater growth for BTC.
Interestingly, the surge coincided with Trump’s appointment of Paul Atkins as the new SEC Chairman. Atkins is a prominent crypto supporter. This signals a shift toward a more favorable regulatory environment for cryptocurrencies.
Remarking on the same, Wood took to X (formerly Twitter)and noted,
“Great day for #bitcoin and digital property rights! Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world.”
Powell and Wood on Bitcoin vs gold
Additionally, Federal Reserve Chair Jerome Powell’s comments from the DealBook Summit gained significant attention.
Powell noted that Bitcoin is increasingly being viewed as a store of value, similar to gold, rather than a traditional currency like the U.S. dollar.
As expected, his comments highlighted BTC’s changing role in finance, with growing recognition of its long-term value as a digital asset, rather than a currency for daily transactions.
Expressing on the matter, Wood noted,
“Today, Fed Chair Powell described bitcoin as a virtual, digital version of gold. At $2,700, gold is a ~$15 trillion market, compared to bitcoin at only ~$2 trillion. Even after breaking through $100,000, bitcoin still is in early innings.”
What’s next for Bitcoin?
Hence, despite the recent dip, BTC was trading at $98,308.23, at press time, after a 4.24% drop in the past 24 hours according to CoinMarketCap, the excitement surrounding the cryptocurrency remains undeterred.
As ARK Invest CEO Cathie Wood aptly put it,
“Indeed, @ARKInvest believes that 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 globally.
This milestone raises questions about BTC’s future. Will it continue its upward trajectory to challenge gold? Gold’s market capitalization stands at nearly $18 trillion.
