Beyond $100,000: Bitcoin's Future Shines as Bright as the Starry Sky

As of 2:15 am EST on December 5th, Bitcoin was quoted at $101,678, with an intraday increase of nearly 4%. It had briefly peaked at $103,619 per coin during the trading session, reaching a new all-time high. Since the beginning of this year, Bitcoin has surged by 141%.

In 2017, when Bitcoin surpassed the $15,000 mark, it marked the first time I had encountered Bitcoin.

 

Back then, a friend introduced me to it at a restaurant. He expressed his optimism about cryptocurrencies but hesitated to disclose his involvement to his family. He proposed a joint investment in several Bitcoins, as both of us mistakenly believed we could only purchase whole Bitcoins at the time.

 

However, I ultimately declined to lend him the money. After learning about its inception and underlying principles, I deemed the risks associated with this unfamiliar concept too significant, leading me to miss the chance to amass a substantial fortune.

 

As Bitcoin's value has steadily risen over the years and my comprehension of it has deepened, I increasingly perceive my decision at that time as impulsive. In reality, it has proven to be a lucrative venture.

-On January 11th, 11 bitcoin spot ETFs from traditional asset management giants such as BlackRock, Fidelity, Invesco, and Grayscale, as well as emerging capital, were approved.

 

Before the approval, Bitcoin had already started to gain momentum and became the vanguard of this bull market.

 

Within one month after the approval, although various institutions increased their holdings of Bitcoin through bitcoin spot ETFs, Grayscale's reduction in holdings once caused the price of Bitcoin to fall below $40,000, arousing market doubts about the effect of Wall Street ETFs.

 

-It wasn't until February 13th that Bitcoin finally broke through the $50,000 mark, hitting a new high since December 2021.

 

-On the evening of March 5th, the price of Bitcoin broke through the $69,000 mark, creating the latest all-time high since the creation of Bitcoin's first block in January 2009.

 

From March to November after that, Bitcoin had been fluctuating sideways in the range of $53,000 - $70,000 for nearly eight months.

 

It wasn't until the outcome of the election gradually became clear and Donald Trump was successfully elected on November 6th that Bitcoin embarked on a rising path of continuously hitting new all-time highs.

 

-Bitcoin broke through the $70,000 resistance level a week before the election result, and broke through $75,000 within a few hours before the final result came out.

 

Subsequently, the speed at which the price of Bitcoin soared might exceed the expectations of most people in the market. Besides the implementation of the U.S. crypto-easing policy, apart from the United States, the governments of countries such as Poland have mentioned the Bitcoin reserve strategy, and listed companies intend to follow MicroStrategy's Bitcoin strategy.

 

The listing of Bitcoin ETF options may also provide the impetus for the rapid growth of Bitcoin.

 

-It broke through $80,000 on November 10th

 

-It broke through $90,000 on November 13th

 

-It broke through $99,000 on November 22nd, getting one step closer to $100,000.

 

-After that, Bitcoin fluctuated repeatedly below $100,000 for nearly two weeks until today, December 5th, when it broke through $100,000. We witnessed history!

First,I think there are three main reasons for Bitcoin's breakthrough today.

 

 

And Atkins has always been opposed to excessive regulation and supports virtual currencies.

 

 

BlackRock's iShares Bitcoin Trust ETF has broken through the important milestone of managing assets worth $50 billion, thanks to strong capital inflows and the soaring price of Bitcoin to $100,000. Most importantly, BlackRock's Bitcoin ETF reached this milestone in just 228 days after its launch.

 

This week, BlackRock's Bitcoin ETF (IBIT) single-handedly drove all the capital inflows into U.S. Bitcoin ETFs. In just the first three days of this week, IBIT had a net inflow of over $1.6 billion, and the total inflow since its establishment has exceeded $33 billion.

 

 

As the price of Bitcoin rose today, this asset class continued to gain recognition around the world. Russian President Vladimir Putin gave a speech at the Russia Investment Forum held in Moscow on Wednesday, strongly supporting Bitcoin and digital assets.

 

He emphasized that no one can ban Bitcoin and these technologies will continue to develop. Putin said:

After breaking through $100,000, Bitcoin may become a reserve asset that governments, mainstream financial institutions, and enterprises around the world compete for more quickly.

 

Against the backdrop of the continuous intensification of global political risks, Bitcoin is expected to become the "ultimate digital gold".

 

And with the U.S. debt reaching $35 trillion, if central banks around the world use Bitcoin as a reserve asset, Bitcoin will reach $3 million by 2050.

Meanwhile, MicroStrategy's Bitcoin strategy has attracted more imitators.

 

On the eve of the election, shareholders of the giant Microsoft also had a preliminary vote on whether the company should invest in Bitcoin. According to a recent statistic by Cointelegraph, more than 60 listed companies have adopted the Bitcoin strategy, and thousands of private companies are also following suit.

 

Let's listen to what analysts have to say.

 

BCA Research believes that after Bitcoin first approached the $100,000 mark, it may still double. It is expected that Bitcoin will reach $200,000 by the end of 2025.

 

Analysts from Standard Chartered Bank and Bernstein have also predicted that the price of Bitcoin may be as high as $200,000 by the end of 2025. PlanB, the creator of the Bitcoin Stock-to-Flow (S2F) model, even boldly predicted that BTC is expected to reach $1 million.

 

Of course, those analysts may be exaggerating a bit. I think the price of Bitcoin will still fluctuate repeatedly between $96,000 and $103,000 to build a solid bottom foundation. Only in this way can it provide momentum for the subsequent rise.

 

And considering the current global environment, such as the internal political turmoil in South Korea, Germany, and France the day before yesterday, as well as the intensifying local conflicts like the Russia-Ukraine War and the Middle East War, Bitcoin's various characteristics make it a better safe-haven asset than gold.

 

In conclusion, I am of the firm belief that the future price trajectory of Bitcoin holds the potential for astronomical growth. In the short term, expect it to oscillate between $96,000 and $103,000, while the long-term outlook remains shrouded in a veil of boundless possibilities.