Data shows that the current market capitalization of BTC is approximately $1.8 trillion. As Bitcoin continues to attract more capital inflow, some experts predict that its market cap will continue to grow and may even threaten gold's position, potentially rising to $1 million, which would surpass gold as the world's largest asset.
According to OnchainLens monitoring, a dormant Bitcoin whale that hadn't moved for 14.3 years was activated this morning. Back when Bitcoin was only worth $0.067, this miner accumulated 2,000 BTC. After many years of holding, this wallet finally took action, transferring BTC to a new wallet, which was then dispersed into 50 different wallets. Today, the total value of these BTC amounts to $180 million.
In 14 years, Bitcoin has risen by 30 million times. The price of Bitcoin has skyrocketed, continuously breaking through the thresholds of $90,000, $91,000, and $92,000, setting new historical highs with a daily increase of 5%.
In any investment market, a '14-year, 30 million times increase' is nothing short of a miracle. However, honestly asking oneself, how many people can hold onto Bitcoin until today?
Most people's impressions of Bitcoin are still stuck in notions of scams, grey industries, and Ponzi schemes, but it is clear that this is definitely not the entirety of Bitcoin.
There are already many countries where BTC is legal. Even the world's largest asset management company, BlackRock, and Hong Kong have issued ETFs based on Bitcoin as an underlying asset. This is permitted by legal regulations.
The negative perception of BTC is not surprising, as any new technology is first adopted by underground industries involved in gambling, drugs, and other illicit activities, then by legitimate entertainment industries, and eventually spreads into corporate applications.
In mainland China, Bitcoin-related transactions are illegal. The law prohibits many benefits, protecting most individuals who are not well-versed in BTC from falling victim to scams, while also preventing massive outflows of national wealth.
There is no doubt that Bitcoin has gradually become the most controversial asset over the past decade, with its short-term price volatility leading to astonishing returns for investors in the long term.
Bitcoin uses blockchain technology to establish a decentralized value network, which is primarily a result of technological innovation. Emerging blockchain networks such as Ethereum, which followed Bitcoin, also serve as new decentralized technology networks, providing a foundational platform for new internet applications.
El Salvador and Bhutan are two small countries. El Salvador began purchasing Bitcoin in 2021. According to the Bitcoin Office of El Salvador, the country is still buying 1 BTC daily, with current Bitcoin holdings reaching 5,929.7 BTC, valued at approximately $470 million.
Another mysterious sovereign nation is Bhutan, located in the Himalayas. Its national investment agency, Druk Holdings, has been mining Bitcoin using hydroelectric resources since 2019. With a population of only 800,000, it holds over 12,000 Bitcoins, attracting global attention with its bold Bitcoin betting strategy. With holdings exceeding $1.1 billion and years of involvement in Bitcoin mining, Bhutan is rapidly accumulating wealth through this business, becoming a significant player in the crypto market.
According to Arkham data, the Bhutanese government is mining Bitcoin through several mining pools like AntPool, Braiins, and Foundry. As of November 13, the government of the Kingdom of Bhutan holds 12,576 Bitcoins, valued at over $1.1 billion. In terms of known government holdings, Bhutan ranks fourth behind the USA, China, and the UK. This holding amount is quite astonishing.
Based on Bhutan's GDP of $2.89 billion in 2022, the value of the Bitcoins held exceeds one-third of the country's GDP. In addition to mining operations, Bhutan has also engaged in large-scale financial transactions with several crypto platforms. According to public data, Bhutan's total crypto transactions with BlockFi, Celsius, and Hodlnaut exceed $800 million, covering various crypto assets such as Bitcoin, Ethereum, and stablecoins.
Currently, the market predicts that under the policies of the next U.S. president, Trump is very likely to further relax regulations on digital assets. Once he is in power, his crypto-friendly policies will have a profound impact on global perceptions of Bitcoin.
If the Trump administration vigorously promotes a Bitcoin strategy, both U.S. allies and competitors will have sufficient motivation to purchase Bitcoin to hedge their risks. This move could not only reduce dependence on the U.S. dollar but also provide an anti-inflation tool for the financial system. This would significantly increase international demand for Bitcoin, pushing its price to new heights.
Domestically, Hong Kong company Boya Interactive (HK00434) announced on the evening of November 12 that as of the announcement date, the company holds 2,641 Bitcoins, with a total cost of approximately $143 million and an average cost of about $54,000 per coin.
Boya Interactive has been very aggressive in investing in digital assets. According to Securities Times, Boya Interactive has stated: 'Purchasing and holding cryptocurrencies is an important measure for our group's development and layout in the Web3 business, and it is also a key part of our asset allocation strategy.'
Looking ahead, many investment banks and investors, including Standard Chartered, expect Bitcoin to continue rising, aiming to hit $100,000 by the end of the year.
Geoff Kendrick, the global head of digital assets research at Standard Chartered Bank, recently stated that after Trump's election victory, Bitcoin's price is expected to reach $125,000 by the end of this year and $200,000 by the end of 2025.
