The price of Bitcoin broke through the $100000 mark early on Thursday. The successful launch of the spot ETF of Bitcoin in the United States and the election of Donald Trump, who supports cryptocurrency, as the president of the United States, have become the main driving force for this bull market. In addition, the adoption of Bitcoin by enterprises has also played a role, with more and more companies following in the footsteps of MicroStrategy and beginning to hold Bitcoin.

Bitcoin's year to date increase has exceeded 130%, and its market value has surpassed $2 trillion today, an achievement achieved in just 15 years since its inception. As a reference, the market value of NVIDIA and Apple is about $3.5 trillion, Microsoft is about $3 trillion, and Google and Amazon are about $2.2 trillion. The total market value of all gold worldwide is approximately $17.7 trillion.

One of the core driving forces behind this uptrend is the Bitcoin spot exchange traded funds (ETFs) launched by asset management giants including BlackRock and Fidelity in early 2024, which have achieved tremendous success with asset management assets reaching approximately $30 billion in less than a year.

Despite the success of ETFs, the price of Bitcoin has been stagnant for most of this year, partly due to the uncertainty during the US presidential election. However, with Trump's victory in early November, the bull market gained new momentum. Bitcoin quickly broke through its historical high of $73500 in March, then quickly surpassed $80000 and $90000, and finally reached $100000 on December 5th.

Before the deadline, the price of Bitcoin hit $104000, with a 7.2% increase in the past 24 hours. On the same day, Trump officially nominated Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC). Many people in the cryptocurrency industry expressed their support and affirmation for this candidate.

Enterprises adopt

Another major factor driving the market is the growth adopted by companies, led by micro strategies and their chairman Michael Saylor. Since starting to purchase Bitcoin in August 2020, the company has continuously raised billions of dollars to invest in Bitcoin and currently holds 386700 bitcoins worth over $38 billion.

Saylor His team has inspired other listed companies, including Semler Scientific, which is listed in the United States, and Metaplanet, which is listed in Japan. Even Microsoft is currently proposing within its board whether to adopt a Bitcoin financial reserve strategy.

In addition to enterprises, some governments have also begun to recognize and adopt Bitcoin. El Salvador passed the Bitcoin Law on September 7, 2021, making it the first country to adopt Bitcoin as an alternative legal tender. Bhutan has also accumulated a large amount of Bitcoin in recent years through its mining business operated by state-owned investment company Druk Holdings. Now, many people in the crypto community are paying attention to how Trump will fulfill its policy commitment of being friendly to cryptocurrencies.

data source

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