In an exciting development in the world of digital currencies, Bitcoin has witnessed a remarkable surge in recent weeks, rising by 50% since Donald Trump's victory in the U.S. presidential elections. Meanwhile, Trump has expressed significant plans to engage with the world of digital currencies, stating, "We are going to do something great with crypto!"
Amid these new developments, U.S. Senator Cynthia Lummis remarked that "America must win the Bitcoin race," highlighting the importance of modern financial technology. According to some analysts, such as Tom Lee from FundStrat, Bitcoin is expected to reach $250,000 by 2025.
In another significant move, Giovanni Capriglione, a Texas state representative, introduced a bill to establish a strategic Bitcoin reserve for the state. This initiative comes at a crucial time with increasing interest from institutions and government entities in digital currencies.
On another front, Abu Dhabi saw great success with the first-ever Bitcoin conference, attended by representatives from 90 countries, with 8,000 in-person attendees and more than 1.5 million livestream views.
BlackRock, one of the world's largest asset managers, confirmed that Bitcoin, with a market capitalization of $2 trillion, presents a similar risk profile to major tech stocks like Apple, Amazon, and Tesla. They suggested that allocating 2% to 3% of one's wealth to Bitcoin could be a reasonable strategy.
The news continues with Eric Trump’s statement, where he described his father, the elected president, as the "crypto president" and stated that the U.S. would become the "global crypto capital," with Bitcoin potentially reaching $1 million in the near future.
In another development, Australia's largest pension funds purchased $27 million worth of Bitcoin, becoming the country's first major pension fund to adopt the digital currency.
Sources:
Bloomberg
FundStrat
Australian Financial Review
BlackRock
Eric Trump