Bitcoin Surges to $90K: Nations Race to Secure Reserve Asset Amid 'Endgame' Shift
November 20, 2024A 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.
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