Bitcoin Hits $94,000 as Blockstream CEO Predicts Possible $1 Million Prices
Bitcoin (BTC) has reached a historic price of $94,000, marking a 40% increase since November 5, following President-elect Donald Trump's re-election. His commitment to providing regulatory clarity for digital assets has driven this uptrend.
‘Prepare For Possible Seven-Figure BTC Prices’
The rise in Bitcoin's price is attributed to increased buying pressure and significant inflows into Bitcoin exchange-traded funds (ETFs). Speculation regarding a potential US Bitcoin strategic reserve has further enhanced investor confidence.
Blockstream CEO Adam Back suggested that the establishment of a US strategic Bitcoin reserve could lead to seven-figure Bitcoin prices within 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 noted that discussions are intensifying as pro-crypto Senator Cynthia Lummis has introduced legislation to implement the reserve. Trump has previously committed to utilizing approximately 200,000 BTC held by the US government.
Bitcoin To $150,000 In 2025?
Pompliano argues that current proposals are insufficient. He advocates for an aggressive strategy wherein the US prints $250 billion upon Trump's presidency and invests it entirely into Bitcoin. This investment could acquire nearly 2.8 million BTC at the current price, although he anticipates the average purchase price could rise to $150,000 due to market influence, resulting in approximately 1.6 million BTC acquired.
Along with the existing 200,000 Bitcoin, this would make the US the largest holder globally, totaling 1.8 million BTC. Pompliano believes this approach, while costly, would be a wise financial decision with substantial long-term benefits.
Currently, BTC is trading at $93,770, reflecting a 5% increase over the past week.
Featured image from DALL-E, chart from TradingView.com