12/5/24 Roundup: Six Figure Bitcoin

Last night, the price of bitcoin broke through the technical and psychological barrier of $100,000 USD. While the past few weeks of price action in the high 90s may have made the moment feel anticlimactic for some, the milestone is historically significant and worthy of reflection.

The ~16 year technological and monetary experiment that is bitcoin has monetized before our eyes from zero to over two trillion dollars in market cap. This is nothing short of a remarkable feat. Throughout the past 16 years, bitcoin has repeatedly been proclaimed to be “dead” yet it continues to achieve higher highs and higher lows. While volatile in the short-term, the long-term trajectory is upwards, as increasing demand confronts a static finite supply.

While many described the approval and subsequent launch of bitcoin ETFs as the asset’s “IPO moment,” its crossing of the $100k barrier is perhaps a more apt landmark to focus on. Bitcoin can no longer be ignored, and the curiosity of the crowd is shifting from “can this asset go to zero?” to “how high can it go?”

Recent comments from some of the most powerful individuals in the world reflect bitcoin’s renewed positioning in the financial zeitgeist:

• • Jerome Powell: “It’s [bitcoin] really a competitor for gold.”
  • Donald Trump: “Bitcoin is the new oil.”
  • Vladimir Putin: “Who can ban bitcoin? Nobody.”
  • Larry Fink: “Bitcoin is an asset class in itself. It is an alternative to other commodities like gold.”

Moreover, nearly every member of the newly appointed cabinet of the incoming Trump administration either owns BTC themselves, or has publicly spoken positively about the asset. This coincides with multiple legislative bills at both the state and federal level advocating for the accumulation of bitcoin as a strategic reserve asset.

The Overton Window with respect to the perception of bitcoin as a legitimate asset with long-term value has shifted materially…

Bitcoin is now the 7th largest asset in the world: