Bitcoin Surges to $90K: Nations Race to Secure Reserve Asset Amid 'Endgame' Shift

November 20, 2024
Bitcoin Surges to $90K: Nations Race to Secure Reserve Asset Amid 'Endgame' Shift
  • A pivotal moment in Bitcoin's journey occurred in June 2021 when El Salvador's President Nayib Bukele announced the country's decision to adopt Bitcoin as legal tender during a Bitcoin conference in Miami.

  • This significant event, along with BlackRock's approval of a Bitcoin spot ETF and Donald Trump's commitment to establishing a national Bitcoin reserve, has driven the transformation of Bitcoin into a mainstream asset.

  • In 2023, BlackRock, the world's largest financial fund manager, filed for a spot Bitcoin ETF, a move many thought impossible under the then-current government, which has since contributed to Bitcoin's rising legitimacy.

  • The approval of Bitcoin spot ETFs is expected to launch in January 2024, further fueling a surge in Bitcoin prices, which reached $73,000 in March 2024, marking new all-time highs ahead of the upcoming Bitcoin halving.

  • As of November 2024, Bitcoin's price has exceeded $90,000, indicating the onset of hyper-bitcoinization, with nations now racing to accumulate Bitcoin as a reserve asset.

  • Experts predict that Bitcoin's mainstream adoption and potential rise to $100,000 are imminent, symbolizing a new era where Bitcoin serves as a reserve asset and represents financial freedom for individuals and nations.

  • Donald Trump, during his campaign for the 2024 presidential election, expressed strong support for Bitcoin, proposing the creation of a national Bitcoin reserve, which signals a significant shift in governmental attitudes towards cryptocurrency.

  • Trump's election victory has been linked to a rise in Bitcoin's price, breaking all-time high records and positioning Bitcoin as the 8th largest asset in global market capitalization.

  • The movement towards Bitcoin mainstreaming has been anticipated for years, with proponents arguing that it could facilitate the largest wealth transfer in history.

  • Bitcoin has now reached what is termed the 'Endgame,' indicating a significant shift in the global financial system towards its mainstream adoption.

Summary based on 1 source


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