The post Key Factors Fueling The Surge appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Bitcoin has shattered previous records, soaring past the $100,000 milestone for the first time ever to reach an all-time high of $104,088 late Wednesday in New York. The flagship cryptocurrency had dipped to $94,587 on Wednesday but staged a remarkable comeback. Several key factors contributed to this unprecedented surge: #1 Fed Chair Powell Compares Bitcoin To Gold In a significant acknowledgment from the traditional financial sector, Federal Reserve Chair Jerome Powell discussed Bitcoin during the New York Times DealBook Summit. When questioned about the perception of Bitcoin as a symbol of faith or lack thereof in the US dollar and the Federal Reserve, Powell offered a nuanced perspective. “I don’t think that’s how people think about it,” Powell remarked. “People use Bitcoin as a speculative asset, right? It’s like gold. It’s just like gold, only it’s virtual. It’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold.” This comparison to gold, a traditional store of value, was probably seen by many as another strong legitimization of Bitcoin in the financial ecosystem. If your central bank owns gold, but rejects digital gold… they’re done. How did betting against digitalization work for kodak, blockbuster, sears, yellow pages, news papers, taxis, postal service, libraries, travel agents, etc? It’s the most obvious trade in history https://t.co/tdJp8XCTjO — David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) December 4, 2024 #2 Russia’s Putin Signals Openness To Bitcoin Adding to the momentum, Russian President Vladimir Putin made comments during the Russia Calling forum that many interpret as an endorsement of Bitcoin. “Who can ban Bitcoin? Nobody,” Putin stated. “And who can prohibit the use of other electronic…

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Filed under: News - @ December 5, 2024 9:20 am