Bitcoin (BTC) managed to turn out to be a $2 trillion asset in lower than 16 yearsa considerably shorter time in comparison with firms like Apple (AAPL) and
Amazon (AMZN), which took 42 and 29 years, respectively, to succeed in that worth.
Bitcoin breaks the $100,000 barrier
On December 5, Bitcoin recorded a historic milestone by exceed the worth of 100,000 {dollars}consolidating itself as a key asset in the monetary panorama. Despite this achievement, Cathie Wood, founder and CEO of ARK Invest, believes that the Bitcoin development is still in its early stages.
Wood celebrated this improvement in X, highlighting US President-elect Donald Trump’s resolution to appoint pro-crypto Paul Atkins to exchange Gary Gensler as head of the Securities and Exchange Commission (SEC).
In addition, he recalled that Jerome Powell, chairman of the Federal Reserve, described Bitcoin as a digital model of gold.
Bitcoin: “A much bigger idea than gold”
Wood in contrast the Bitcoin market to that of gold, noting that gold has a market worth of $15 trillion at a worth of $2,700 per ounce. Bitcoin, which on the time of writing is valued at $100,902, has a market of roughly $2 trillion, suggesting appreciable development potential.
Referring to Powell’s comparability, Wood commented that Bitcoin, due to its digital and borderless nature, transcends the concept of gold. As said:
“ARK Invest believes Bitcoin is a much bigger idea than gold.”
In March, Wood predicted that Bitcoin is in on the way in which to reaching the milestone of 1 million {dollars} for the 12 months 2030.
Bitcoin reached $2 trillion in file time
Bitcoin’s market worth surpassed $2 trillion in lower than 16 years since its first transaction in January 2009.
By comparability, Amazon (AMZN) took 29 years to succeed in that worth, whereas Apple (AAPL), the second-largest firm by market capitalization after gold, took 42 years to realize it, reaching that determine for the primary time in 2020.
Currently, Bitcoin represents the 52.6% of the full market cryptocurrencies, with a mixed capitalization of $3.9 trillion, in accordance with CoinGecko.
Bitcoin and its rising legitimacy
Bitcoin’s advance in direction of $100,000 and its consolidation as a $2 trillion asset is no shock to Danny Chong, co-founder of Tranchess. Chong attributes this milestone to the elevated participation of economic establishments resembling BlackRock (BLK), Fidelity, and Grayscale, in addition to the supply of Bitcoin ETFs in 2024. According to Chong:
“This price is not just a number; “It is a testament to the growing legitimacy and widespread acceptance of Bitcoin.”
