Key Points
- Bitcoin (BTC) has exceeded $100K, pushing its market capitalization to $2 trillion.
- ARK Invest CEO Cathie Wood and Federal Reserve Chair Jerome Powell compare BTC’s growth to gold.
Bitcoin (BTC) has crossed the significant $100K mark, reaching $102,750 on December 5th, and consequently increasing its market capitalization to $2 trillion.
Cathie Wood’s Perspective on BTC’s Growth
The achievement has sparked optimism within the cryptocurrency community. Cathie Wood, CEO of ARK Invest, predicts even more substantial growth for BTC. The rise coincides with the appointment of Paul Atkins, a known crypto supporter, as the new SEC Chairman. This appointment suggests a potential shift towards a more favorable regulatory environment for cryptocurrencies.
Wood commented on this development on X (formerly Twitter), stating, “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.”
Bitcoin vs Gold: Views of Powell and Wood
At the DealBook Summit, Federal Reserve Chair Jerome Powell’s remarks garnered significant attention. Powell noted that Bitcoin is increasingly seen as a store of value, akin to gold, rather than a traditional currency like the U.S. dollar. His comments underscore BTC’s evolving role in finance, with increasing recognition of its long-term value as a digital asset, rather than a currency for daily transactions.
Wood echoed this sentiment, stating, “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.”
Despite a recent dip, with BTC trading at $98,308.23 at the time of writing, the excitement surrounding the cryptocurrency remains undeterred. As 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, making it the eighth most valuable asset globally. This achievement raises questions about BTC’s future trajectory. Will it continue its upward trend to challenge gold, which has a market capitalization of nearly $18 trillion?