Bitcoin Reaches $100,000 as Coinbase CEO Advocates for Strategic Reserves
Coinbase CEO Brian Armstrong has called for global governments to consider adopting Bitcoin #BTC as a strategic reserve. Armstrong made this statement on his X page on December 4, highlighting Bitcoin's performance over the past 12 years, especially after it surpassed the $100,000 mark.
He noted that a $100 investment in Bitcoin in June 2012 would now be valued at $1.5 million, while $100 in cash would only buy $73 worth of goods due to inflation. Armstrong declared Bitcoin the best-performing asset over the last 12 years and argued that its potential remains significant, encouraging governments, particularly those seeking to hedge against inflation, to establish a Bitcoin strategic reserve.
Governments and Investors Embrace Bitcoin
Countries like El Salvador have adopted Bitcoin as legal tender, with the government holding 5,942 Bitcoins as of November 22, 2024. Bhutan reportedly owns over 12,000 BTC, indicating a gradual acceptance of Bitcoin by various nations.
Spencer Hakimian, founder of Tolou Capital Management, supported Armstrong's views by stating that Bitcoin has generated more wealth than any other asset in history.
Bitcoin’s Surge to $103K Tied to Pro-Crypto Leadership at the SEC
The price of Bitcoin recently surged to a record high of $103,000, attributed to Donald Trump's appointment of crypto supporter Paul Atkins as SEC chairman.
This pro-crypto leadership has been welcomed by the crypto community. Ripple CEO Brad Garlinghouse praised Atkins' appointment, suggesting it would restore 'common sense' to the agency and help end the prohibition era on crypto, fostering innovation and economic growth.
SEC commissioner Hester Peirce, known as 'Crypto Mom,' expressed her support for Atkins, emphasizing the need for the agency to promote free markets and innovation. She highlighted Atkins' capability to lead these efforts effectively.
The presence of a pro-crypto figure at the SEC could enhance freedom for cryptocurrencies and potentially increase their value. Optimism remains high regarding cryptocurrency prices, with Robert Kiyosaki, author of the Rich Dad Poor Dad series, predicting Bitcoin may reach around $250,000 by 2025.