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Why Bitcoin (BTC) Took So Long to Cross $100K
The (relative) calm before the storm.
N.B. Given the coincidence, I’ve reworded the article to the current title. This was initially titled Why Bitcoin Hasn’t Crossed $100K.
The flagship crypto asset’s meteoric rise since the US Elections a month ago saw it jump from $67K to its current all-time high of ~$99,600 on November 22.
Was $400 extra too much to ask?
For many people, it was.
Now that it’s hit $100,000 expect a wave of retail investors to start pouring in, some of which have already returned.
$100,000 marks the first time BTC has reached six figures, presenting a massive psychological milestone for many current and future investors.
Why did it take longer than expected?
Two words: Institutional investors.
BlackRock, in particular, keeps on coming to mind.
The multi-trillion-dollar asset manager — spearheaded by Bitcoin proponent Larry Fink — is rapidly accumulating what many still believe is “digital gold”.
Its iShares Bitcoin Trust (IBIT) now controls over 500,000 BTC, valued at ~$50.2 billion. All the spot Bitcoin ETF providers combined hold 1.07 million coins, accounting for 5.4% of the total circulating supply.
