Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead
19 November 2024 - 9:13PM
NEWSBTC
Bitcoin (BTC) has achieved a historic milestone, reaching $94,000
for the first time, fueled by a significant uptrend since November
5, the day President-elect Donald Trump secured his re-election.
Trump’s promise to bring regulatory clarity to digital assets has
ignited a strong rally, with BTC recording a 40% increase in just
two weeks. ‘Prepare For Possible Seven-Figure BTC Prices’ This
surge reflects increased buying pressure and correlates with
growing inflows into Bitcoin exchange-traded funds (ETFs). Yet,
speculation surrounding a potential US Bitcoin strategic reserve
has further bolstered investor confidence. Related Reading:
Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control?
Blockstream CEO Adam Back, a long-time advocate for Bitcoin, has
suggested that if the US were to establish a strategic Bitcoin
reserve, investors should prepare for the possibility of
seven-figure Bitcoin prices in this market cycle. Back stated: if
the US Strategic Bitcoin Reserve happens prepare for 7 figure
Bitcoin. this cycle. the market is skeptical on meaningful follow
through for now, so that is not at all priced in. Market expert
Anthony Pompliano highlighted that discussions around this
initiative are intensifying as pro-crypto Senator Cynthia Lummis
has introduced legislation to put the reserve into action, while
Trump has previously committed to utilizing the approximately
200,000 BTC already held by the US government. Bitcoin To
$150,000 In 2025? Despite these proposals, Pompliano argues that
they do not go far enough. He advocates for a more aggressive
approach, suggesting that the US should print $250 billion on the
first day of Trump’s presidency and invest the entire amount into
Bitcoin. Pompliano outlines that the proposed $250 billion
investment could purchase nearly 2.8 million BTC at the current
price. However, recognizing that the US government’s purchases
would likely influence market prices, he estimates the average
purchase price could rise to $150,000 per coin, resulting in the
acquisition of approximately 1.6 million BTC. Related
Reading: Solana Analyst Expects A Retrace Before It Breaks ATH –
Targets Revealed Combined with the 200,000 Bitcoin already held,
this would position the US as the largest holder of Bitcoin
globally, with a total of 1.8 million BTC. Pompliano asserts that
this strategy, while seemingly costly, would represent a prudent
financial move with the potential for significant long-term
benefits. At the time of writing, BTC is trading at $93,770,
up 5% on the weekly time frame. Featured image from DALL-E,
chart from TradingView.com
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