The market capitalization of Bitcoin (BTC) surpassed that of silver this Monday, rising above $1.74 trillion. In the last 24 hours, the world’s main cryptocurrency shows an advance of almost 10% to reach a new historical record and at times pierce the US$88,000.
In this way, the BTC became the eighth most valuable asset in the world. The shares of Saudi Aramco, Amazon and Google are the next “rivals” to beat to get closer to the “top 4” made up of gold and the papers of Nvidia, Apple and Microsoft.
It never ceases to draw attention that an asset with barely 15 years of existencelike Bitcoin, surpasses in capitalization another as valuable and ancient as silver, which revives the debate about the role of cryptocurrencies as refuges of value.
While silver has been used for centuries in coins, jewelry and industry, BTC’s value is supported by technology and programmed scarcity. It represents a new vision of what it means to store value: a vision that prioritizes decentralization, transparency and individual control over wealth.
To surpass gold, given the current bullion price, Bitcoin would have to reach a value of more than $900,000as reported by the cryptonoticias portal.
Several specialists agree that The bullish cycle has fuel to extend over time, which could take the price above US$100,000 in the short term. However, due to the volatility of this type of asset, a downward correction cannot be ruled out, which could take the price to the US$75,000 area.
The impact of Donald Trump’s victory on Bitcoin
The election of a president donald trump, “pro crypto”also brought with it a US Congress that supports digital assets. In the House of Representatives, 266 representatives who support cryptocurrencies were elected and far exceed the 120 who oppose them.
It is estimated that the new US Government would seek to acquire, through a law, up to 5% of the total supply of this cryptocurrency and include it in national reserves.. This will create a “national strategic Bitcoin storage,” ensuring that any acquired or existing Bitcoin remains in government reserves.
A favorable environment for cryptocurrency development in the US, ambitious plans for Bitcoin strategic reserves and a 25 basis point cut in interest rates created a ideal scenario for Bitcoin and the crypto market in general.
Source: Ambito
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