Fun

Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead

News Feed - 2024-11-20 05:11:25

Bitcoin (BTC) has achieved a historic milestone, reaching $94,000 for the first time, fueled by a significant uptrend since November 5, the day President-elect Donald Trump secured his re-election. Trump’s promise to bring regulatory clarity to digital assets has ignited a strong rally, with BTC recording a 40% increase in just two weeks. ‘Prepare For Possible Seven-Figure BTC Prices’


This surge reflects increased buying pressure and correlates with growing inflows into Bitcoin exchange-traded funds (ETFs). Yet, speculation surrounding a potential US Bitcoin strategic reserve has further bolstered investor confidence.  Related Reading Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control? 15 hours ago


Blockstream CEO Adam Back, a long-time advocate for Bitcoin, has suggested that if the US were to establish a strategic Bitcoin reserve, investors should prepare for the possibility of seven-figure Bitcoin prices in this market cycle. Back stated: if the US Strategic Bitcoin Reserve happens prepare for 7 figure Bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in.


Market expert Anthony Pompliano highlighted that discussions around this initiative are intensifying as pro-crypto Senator Cynthia Lummis has introduced legislation to put the reserve into action, while Trump has previously committed to utilizing the approximately 200,000 BTC already held by the US government.  Bitcoin To $150,000 In 2025?


Despite these proposals, Pompliano argues that they do not go far enough. He advocatesfor a more aggressive approach, suggesting that the US should print $250 billion on the first day of Trump’s presidency and invest the entire amount into Bitcoin. 


Pompliano outlines that the proposed $250 billion investment could purchase nearly 2.8 million BTC at the current price. However, recognizing that the US government’s purchases would likely influence market prices, he estimates the average purchase price could rise to $150,000 per coin, resulting in the acquisition of approximately 1.6 million BTC.  Related Reading Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed 3 hours ago


Combined with the 200,000 Bitcoin already held, this would position the US as the largest holder of Bitcoin globally, with a total of 1.8 million BTC. Pompliano asserts that this strategy, while seemingly costly, would represent a prudent financial move with the potential for significant long-term benefits.  The 1D chart shows BTC’s price reaching new record high. Source: BTCUSDT on TradingView.com


At the time of writing, BTC is trading at $93,770, up 5% on the weekly time frame. 


Featured image from DALL-E, chart from TradingView.com 

News Feed

Small creditors put at risk by latest FTX bankruptcy development
Josh O"Sullivan10 hours agoSmall creditors put at risk by latest FTX bankruptcy developmentThe transfer of the bankruptcy claim from FTX EU to FTXcreditor could have a significant impact on stakeholders.6428 Total views3
Ethereum Dips Below $3,100 – New All-Time High Possible Before 2025?
Este artículo también está disponible en español. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, recently experienced a significant price cor
SEC has 'very low' odds of winning against Uniswap: Crypto lawyer
J.W. Verret1 hour agoSEC has "very low" odds of winning against Uniswap: Crypto lawyerThe Securities & Exchange Commission has chosen Uniswap — rather than a fraudulent actor — as its latest target. The commissio
Opensea’s All-Time NFT Sales Volume Crosses $20 Billion
Opensea"s All-Time NFT Sales Volume Crosses $20 Billion Data indicates the non-fungible token (NFT) marketplace Opensea has crossed $20 billion in all-time sales. The leading NFT m
Solana Price Bounces Off Critical Support Level — Is $2,000 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cardano Price Surges After Metaverse Project Launch, ADA Gains More Than 30% in 7 Days
Cardano Price Surges After Metaverse Project Launch, ADA Gains More Than 30% in 7 Days The smart contract token cardano has surged in value during the last 24 hours after a metaver
Goldman Sachs Hosting Bitcoin Call as Institutional Interest in Cryptocurrency Surges
Goldman Sachs Hosting Bitcoin Call as Institutional Interest in Cryptocurrency SurgesAs interest in cryptocurrency grows among institutional investors, global investment banks, like
Coronavirus Relief: Cryptocurrency Aid Programs Launched to Combat Covid-19 Outbreak
Coronavirus Relief: Cryptocurrency Aid Programs Launched to Combat Covid-19 Outbreak Cryptocurrencies are being used to help fight the global coronavirus pandemic. Crypto compani
Bloodbath Incoming? Dogecoin Must Hold This Level To Survive
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
The Opendao Gives Xmas Airdrop to Opensea Users
The Opendao Gives Xmas Airdrop to Opensea Users New decentralized organization Opendao gave users of Opensea, one of the biggest NFT marketplaces by trading volume, a gift on Chris
SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue
SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for
Fintech Bill Approved and Ready to Be Sanctioned in Chile
Fintech Bill Approved and Ready to Be Sanctioned in Chile A fintech bill, which seeks to regulate fintech and cryptocurrency-related activities in Chile, has been approved by the d