- Bitcoin surpasses $100K as global recognition strengthens its role as a digital gold standard for financial innovation.
- Key endorsements and regulatory shifts are driving Bitcoin’s unprecedented rise and its growing adoption worldwide.
Bitcoin has surpassed the $100,000 mark, achieving a new all-time high (ATH) of $103,900 in a historic change, according to CoinMarketCap. Its market capitalization has skyrocketed thanks to its explosive growth to $2.03 trillion. Key to this discovery are important events stressing Bitcoin’s function as a digital gold standard instead of a rival for fiat money.
Powell Frames Bitcoin as Digital Gold, Not a Dollar Competitor
Federal Reserve Chairman Jerome Powell made news in an interview with CNBC only hours before Bitcoin broke this psychological record. Powell said, “People seek Bitcoin as a speculative asset. It’s like gold—just virtual and digital.” He underlined that Bitcoin’s high volatility renders it unfit as a main payment mechanism or a reliable store of value.
BREAKING: 🇺🇸 Fed Chair Jerome Powell says #Bitcoin is a competitor to gold, not the US dollar. pic.twitter.com/YQHFiThTBo
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
Powell’s observation, however, that Bitcoin rivals gold rather than the US dollar, resonated with institutional investors seeking a counterpoint against conventional financial uncertainty.
Powell particularly underlined his cautious approach, confirming that he does not hold Bitcoin and gives the integrity of the banking system top priority.
Trump’s SEC Nominee Signals a Pro-Crypto Regulatory Shift
President Donald Trump’s nomination of Paul Atkins as his choice for Chairman of the Securities and Exchange Commission (SEC) added to Bitcoin’s upward impetus. Renowned for his support of creativity and openness in digital resources, Atkins marks a legislative change towards encouraging blockchain technology in America.
Co-Chairman of the Token Alliance of the Digital Chamber, Atkins has long supported projects meant to validate and forward the digital asset sector. His selection symbolizes increasing institutional acceptance of cryptocurrencies, therefore confirming Bitcoin’s place in the worldwide financial space.
Furthermore, remarks made by Russian President Vladimir Putin during the Russia Calling conference further fueled the story of Bitcoin as an unstoppable force.
Declaring that Bitcoin is a breakthrough payment mechanism that reflects dependability and affordability, Putin said no institution could stop or restrict it. His claim emphasizes a major geopolitical change as countries recognize blockchain technology’s transforming power within growing doubts on the supremacy of the U.S. currency.
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