New Delhi, Dec 5: World’s largest cryptocurrency Bitcoin has crossed the historic milestone of $100,000 apiece, driven by favourable market dynamics, growing US regulatory clarity, and institutional adoption through Bitcoin ETFs, industry experts said on Thursday.
Bitcoin was trading at $1,03,095, after gaining 4.39 per cent. According to Vishal Sacheendran, Head of Regional Markets at Binance, the cryptocurrency market is experiencing a surge in optimism as governments and institutions worldwide begin to embrace blockchain technology, paving the way for broader adoption and investment in digital assets.
“This renewed enthusiasm reflects a maturing ecosystem poised for sustained growth,” he added.
Discussions around a US Strategic Bitcoin Reserve and corporate treasury integration signal a shift toward mainstream adoption.
“The coming year promises enhanced regulatory frameworks, greater transparency, and innovations in DeFi, tokenized assets, and blockchain interoperability, paving the way for a more inclusive global economy,” said Sacheendran.
Rahul Pagidipati, CEO, ZebPay, said that Bitcoin is now effectively one of the top 10 most valued assets in the world, ranking above all commodities except gold and higher than most companies.
“The crypto market’s total capitalisation has also crossed the $3.5 trillion mark, demonstrating the scale of interest and widespread adoption in the space,” he said.
Nigel Green of deVere Group predicted over a month ago that Bitcoin would hit $100,000 following Donald Trump’s re-election and his upcoming inauguration as the 47th President of the United States.
“I believe Bitcoin could reach $120,000 in the first quarter of 2025 as the rally gains further traction,” he predicted.
“The growing narrative of Bitcoin as digital gold is becoming impossible to ignore. It’s increasingly viewed as a hedge against inflation and a tool for portfolio diversification. Institutional interest is at an all-time high, and the infrastructure to support mass adoption continues to expand,” said Green.
Bitcoin’s recent rally can be attributed to a combination of factors. First, the political alignment of a pro-crypto administration is invigorating market confidence. Second, the ongoing economic environment, characterised by likely inflationary pressures, has driven institutional and retail investors toward alternative assets.—(IANS)
