Bitcoin: New all-time high today, is it a start or stop?
Bitcoin crossed $110,000 USD mark today, to be precise, at the time of writing this article, Bitcoin has made all time high of $111,544 and I am not sure if even before I complete this post, Bitcoin might be again creating a new high today. I already feel the jubilation of the crypto community and their anticipation of price in 7 digit USD figure in coming year. I guess, at this juncture, nobody is doubting that it will go upwards and keep scaling new highs, but the question is when and how soon. Some feel it will be at late 2026 or may be 2030 , timelines prediction differ but agreement is always there it will go up.
How past of Bitcoin is so different from the future.
When I first heard of Bitcoin 7 years ago (at that time also, Bitcoin made its new high), there was a lot of haters of Bitcoin that were very skeptical about the Bitcoin. They did not leave any stone unturned in criticizing the Bitcoin and scaring the masses away. I guess J P Morgan CEO Jamie Dimon still hold his below views.
When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he has “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”
But his and all like-minded people's views do not stir the market, and in the current scenario, they hardly get any publicity for their views.
Things changed when the biggest global asset management company (who hold more than $11 Trillons worth of assets, which is almost more than 10% of the overall world GDP) is clearly backing Bitcoin with it's ETF. US itself is creating the Bitcoin reserve despite rest of the world still using USD as their reserve. Companies like MicroStrategy keep building their Bitcoin reserves are some of the reasons that I see that help in the price of Bitcoin surge.
Will it keep surging?
We discussed lot of positive news that has helped Bitcoin to keep surging, but the question is whether this trajectory will be maintained?
I guess , even with lot of positives, still a large chunk of world population, especially in most of the countries in Asia have very limited crypto-friendly policies, and that includes the top 2 populous nations of the world, i.e, India and China. I am wondering if these countries deploy favorable crypto policies and follow the same path of creating Bitcoin reserves for their countries then Bitcoin can really explode in a short time.
Any Challenges?
Hopefully, If Bitcoin continues to get the support and no legal restrictions (still there are countries in world where Bitcoin is illegal), it will continue to grow. With time, I am seeing more support for Bitcoin instead of hate. I am hopeful for it's bright future.
My 2 cents.
I will say if you are investing in Bitcoin, make sure to have your coins and have your keys. With its increase in price, we might see a lot of scams grow up also so keep your funds safe against the scam and do not invest more than you can afford to lose.
Posted Using INLEO
