Bitcoin(BTC)crossed the $100,000 mark for the first time in its history on December 5. It also took its market capitalization to more than $2 trillion to become the seventh largest asset by market capitalization ahead of silver and companies like Meta & Saudi Aramco.
Industry Leaders Weigh In
Brett Reeves, the head of Go Network at BitGo, agreed that Bitcoin is gradually becoming an international asset. “The $100K Bitcoin price is evidence of the continuous pump in confidence on it as a store of value as well as for macroeconomic uncertainty hedge. It stated that because it is borderless, anyone in the world can invest, which means people, institutions and governments use it,” he said. Reeves stressed that these market aspects required more operational structures to support this growth, a task that BitGo will not underestimate.
3iQ’s CEO Pascal St-Jean commented that, due to the psychological barrier, investments exceeding $100,000 are likely going to draw in more institutional funders. It means that traditionally rational finance is likely to up its stakes in this important achievement. With more regulatory guidance and easier access through new exchange-traded products, the adoption of cryptos has become more acceptable, St-Jean said. He also highlighted the opportunities of a shift to digital as governments begin to appreciate the importance of financial solutions.
Trump’s Influence on Bitcoin’s Rally
The recent rally was macroeconomic and political factors in this case. The price of Bitcoin jumped after the US Federal Reserve chairman, Jerome Powell, said the digital currency could be seen as a form of digital gold. Furthermore, president-elect Trump’s nomination of Paul Atkins, who has a pro-crypto stance, to lead the Securities and Exchange Commission (SEC) upgraded market perception.
According to David Morrison, Senior Market Analyst at Trade Nation, Trump‘s crypto-friendly profile also played a pivotal role. “The magicians assume that there will be a favorable regulation of cryptocurrency by digital assets under Trump’s administration. Morrison pointed out that his vision for a US-dominated crypto future has helped to solidify Bitcoin’s position.
Predictions for Bitcoin’s Future
Fundamental traders and institutions continue to have a positive assessment of the Bitcoin future. ARK Invest expects at least a price of $124k by the end of 2024 based on demand from institutional investors. While on their part using technical analysis, Jelle has set himself a target of $130, 000 
while Aksel has a target of $137, 000.
On a balance sheet, information also favours buyers On-chain data supports the bullish narrative. As Ki Young Ju, CEO at CryptoQuant, explained, there is still potential for Bitcoin to realize market cap before it gets overbought. He estimated a potential capped price of $146,000.
A New Chapter for Digital Assets
Bitcoin has made many records, and it has opened more possibilities for other cryptocurrencies. This outlook adds to institutional demand for it and thus the regulatory backing, coupled with the copper bull’s widespread acceptance across the world, points to a steady rise in the asset well into 2025 and beyond.
Pessimists could call this milestone a price spike but optimists would assert that it is due to Bitcoin becoming a mainstream asset in the new economy.
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