Bitcoin reaches $100K, with Coinbase CEO urging governments to adopt it as a strategic reserve amid growing adoption.
Coinbase CEO Brian Armstrong has urged all governments worldwide to consider adopting Bitcoin BTC $97 586 24h volatility: 4.9% Market cap: $1.93 T Vol. 24h: $163.58 B as a strategic reserve. Armstong stated this on his X page on December 4, providing insight into BTC’s performance over the last 12 years. His appraisal of the digital asset comes after the coin hit the $100,000 mark.
Brian revealed how a $100 BTC investment in June 2012, the year Coinbase was founded, would now be worth $1.5 million. In contrast, $100 held in cash would have lost value to inflation, now buying just $73 worth of goods.
Bitcoin’s growth over the years led Brian to declare it the best-performing asset over the last 12 years. He argued that the coin is still in its early days, suggesting there is more potential from the digital asset. Thus, he encouraged every government, particularly those seeking to create a hedge against inflation, to develop a Bitcoin strategic reserve.
Countries such as El Salvador have adopted Bitcoin as legal tender, and as of November 22, 2024, the government holds 5,942 Bitcoins. Similarly, as of last month, Bhutan owns more than 12,000 BTC, indicating that countries are gradually entering the Bitcoin space.
Spencer Hakimian, founder of Tolou Capital Management, echoed Armstrong’s views, stating Bitcoin’s unparalleled ability to generate wealth. Hakimian remarked that Bitcoin has created more wealth than any other asset in history
The price of Bitcoin has been increasing lately, and it reached a new all-time high of $103,000. The rapid surge in BTC yesterday can be attributed to newly elected president Donald Trump selecting crypto backer Paul Atkins as the next SEC chairman.
The appointment of a pro-crypto chairman has sent positive signals within the crypto community, as many have praised the appointment. Ripple CEO Brad Garlinghouse commended the appointment of Atkins, saying it will bring ‘common sense’ back to the agency. He noted that the combination of Paul Atkins, Hester Peirce, and Mark Uyeda would end the prohibition era on crypto and further restore freedom, push the economy forward, and foster innovation.
SEC commissioner Hester Peirce, nicknamed ‘Crypto Mom’, stated on her X page that the agency has much work to do to promote free markets, facilitate capital formation, enhance investor choice, and support innovation. She expressed her happiness at the return of Paul Atkins as the next SEC chair, saying that, having worked under Atkins during his previous tenure at the SEC, she could not think of a better person, describing him as ideal to lead these efforts.
Having a pro-crypto person at the helm of the SEC could give more freedom to crypto, which could help its value. Cryptocurrencies are still in their early days, and there is high optimism that their prices can rise even further. Robert Kiyosaki, author of the Rich Dad Poor Dad series, predicted that BTC may reach around $250,000 in 2025.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
