Bitcoin trades just a few hundred dollars from $100,000. What will altcoins do if the price milestone is hit?
Gold news
The Texas state-issued digital currency is projected to encourage skeptical investors to eventually try out Bitcoin one day.
Bitcoin exchange-traded funds now collectively manage approximately $104 billion, and are on track to surpass gold ETFs in net assets.
Avik Roy, the president of a nonprofit think tank, said Senator Cynthia Lummis’ idea that Bitcoin could eliminate federal debt is an “overselling” of what Bitcoin can do.
The United States government has the highest gold reserves in the world, with over 8,000 tons of the precious metal on its balance sheet.
Bitcoin bulls have sealed BTC price all-time highs in US dollar terms but have yet to match macro asset records from 2021.
Bitcoin’s recent surge over $90,000 has pushed its market cap past Saudi Aramco, solidifying its position among top global assets.
BTC price strength is already nailing new record highs against major fiat currencies, but gold is now the holy grail for Bitcoin bulls.
If Bitcoin matures as a store-of-value asset and governments continue to debase their fiat currencies, its price will surge well into six-figure territory, predicts Bitwise CIO Matt Hougan.
The investment manager’s long term model puts BTC’s price at roughly $3 million by 2050.