Bitcoin Surges to $98,500 as Trump Names David Sacks AI & Crypto Czar
Bitcoin is trading at 98,500 increasing by 1.5% on Friday. Donald Trump, the incoming president, has named venture capitalist and former PayPal COO David Sacks as the “AI & Crypto Czar.”
Sacks will influence U.S. approaches to artificial intelligence (AI) and digital money. To support the growth of the cryptocurrency industry, Trump said Sacks would concentrate on developing a clear legal framework.
In keeping with Trump’s pledge to establish the United States as the “crypto capital of the planet,” Sacks is well-known for having been an early proponent of cryptocurrency. The action comes after Bitcoin’s recent spike above $100,000. Experts believe Sacks will enact minimal rules with necessary protections.
This nomination heightens hope for policies that are supportive of cryptocurrencies, which in turn raises expectations for continued institutional investment and additional price increases.
MARA Holdings and BlackRock Purchase More Than 9,000 Bitcoin during a Price Drop
A total of 9,173 Bitcoin were bought by BlackRock and MARA Holdings when the price of the cryptocurrency momentarily dropped to $92,957. By means of its spot Bitcoin ETF, BlackRock added 7,750 Bitcoin, bringing its total holdings to $48.9 billion. MARA Holdings increased its overall holdings to 22,108 BTC by acquiring 1,423 BTC, which was financed by a $850 million convertible note.
The opportunity was also grabbed by an unnamed whale, who purchased 600 Bitcoin, or $58.85 million. Concurrently, Semler Scientific increased their Bitcoin holdings to 1,873 BTC by purchasing each coin for $96,779 each.
These significant purchases demonstrate the rising institutional demand for the cryptocurrency, which increases trust in its long-term worth and is probably going to help it recover and grow in the future.
By 2025, Wall Street projects that Bitcoin will reach $200K.
For the first time, institutional buying and confidence about President-elect Donald Trump’s crypto-friendly policies have caused Bitcoin to surpass $100,000. It is considered a game-changer since Trump chose Paul Atkins, a well-known proponent of cryptocurrency, to be the next head of the SEC. As global pension funds boost their exposure through spot ETFs, Standard Chartered predicts that Bitcoin will double by the end of 2025, reaching $200,000.
Being a “store of value,” Bitcoin is becoming more and more popular, and organizations like MicroStrategy are driving purchases. With a target of $115,000 to $120,000 soon, analysts recommend purchasing chances during pullbacks.
The milestone has increased optimistic attitude, which has an impact on Bitcoin prices. Expectations of steady growth are supported by institutional interest and optimism about regulatory improvements, which will probably drive up the price of bitcoin over time.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals