Bitcoin surged to a record-breaking $94,078, driven by reports of Donald Trump’s media company, Trump Media & Technology Group, entering talks to acquire crypto trading firm Bakkt.
The news has sparked optimism about a crypto-friendly regulatory outlook under Trump’s anticipated administration. Bitcoin, which has more than doubled in value this year, was trading at $92,104 during Asian hours on Wednesday.
According to the Financial Times, Trump Media’s all-stock acquisition of Bakkt, supported by NYSE-owner Intercontinental Exchange, has fueled the rally. The potential deal aligns with growing expectations for a favorable regulatory framework for cryptocurrencies.
Additionally, the launch of options trading for BlackRock's iShares Bitcoin Trust has opened up fresh avenues for institutional investors, contributing to Bitcoin's upward momentum.
Michael Saylor, the Executive Chairman and founder of MicroStrategy, has made a bold prediction that $BTC could soar to $100,000 by the end of 2024. Known for his unwavering support of Bitcoin, Saylor's company is one of the largest corporate holders of the cryptocurrency, with a staggering $30 billion worth in its reserves.
This forecast aligns with his long-standing belief in Bitcoin's potential as a superior store of value and a hedge against inflation. Saylor attributes this optimistic outlook to growing institutional adoption, the introduction of new Bitcoin financial instruments like BlackRock’s iShares Bitcoin Trust options, and increasing regulatory clarity in key markets.
Saylor's prediction comes as Bitcoin continues its remarkable rally, fueled by factors such as favorable market conditions, heightened interest from institutional investors, and potential policy shifts under a more crypto-friendly administration. If Bitcoin reaches $100,000 as predicted, it would represent a monumental milestone, further solidifying its position as the premier digital asset in the global financial ecosystem.
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