This Week in Bitcoin: New High Price, Multi-Million Dollar Projections, and Trump Frees Ross Ulbricht

Bitcoin again fluctuates around $ 105,000 per coin and has hardly risen since last week. However, investors are not allowed to complain, after an action -packed start of the week led to the Munt reaching a new peak.

The price of the largest currency, measured by market capitalization, broke a new record of $ 108,786 on Monday prior to the inauguration of Donald Trump. Since then it has fallen by almost 4%, Coingecko shows.

And despite the fact that President Trump did not explicitly announce plans for a strategic reserve for Bitcoin in his first crypto-executive order, the currency is still comfortable above the $ 100,000 limit.

Bitcoin rose above $ 100,000 after Trump’s elections in November; The president promised to reduce regulations and help the digital asset industry. And he adheres to his crypto bodies – even though he annoys some hardcore bitcoiners.

ETF movements

This week money continued to flow to the crypto investment instruments, after investors threw billions at the funds last week prior to the inauguration.

But it didn’t stop: on Tuesday alone, $ 802.6 million ended up in the fund, according to data from Farside Investors shows. By the end of the week, more than $ 1.75 billion in assets had ended up in the Bitcoin ETFs.

The bullishness is because Donald Trump is expected to have a net positive effect on the sector. The Republican campaign with a promise to help the industry and now buying Bitcoin has never been easier thanks to the money.

Ross liberated

Bitcoiners had been waiting for it for years. And on Tuesday, President Donald Trump adhered to his campaign bow to grant Silk Road founder Ross Ulbricht grace.

The Bitcoin enthusiast and founder of the e-commerce site on the Dark Web-which is mainly used for buying medicines with Bitcoin-was released shortly thereafter and expressed enormous gratitude to President Trump. The crypto community also flooded his digital wallet with BTC donations.

But Ulbricht-who went to prison in 2013-may already be on a gold mine: untouched Bitcoin wallets coupled to Ross Ulbricht and Silk Road now contain more than $ 47 million in assets.

Ulbricht has long been considered a hero in the Bitcoin community because he has created one of the first market places that accepts the cryptocurrency. And although it still cannot be verified that the portfolios are indeed his, this is not beyond the reach of the possibilities.

Where is Bitcoin?

Prior to the shocking victory of Donald Trump on November 5, the president had promised plans for a strategic Bitcoin reserve. But after he had signed his first crypto-executive order on Thursday, in which the possibility of a crypto stock was touched, the bitcoiners noticed one thing: no report was made of their beloved orange currency, only of ‘digital assets’.

“The working group will evaluate the potential creation and conservation of a national stock of digital assets and propose criteria for the construction of such a stock, possibly derived from cryptocurrencies that have been legally taken by the federal government through its law enforcement efforts,” was the order.

The news has made fiery bitcoiners angry, who have expressed the usual insults about ‘shitcoinery’ and who think that this could cause the government to build a stock of other digital coins.

MicroStratey Moves

The shareholders of software company MicroStrategy seem to be all-in for the company’s bitcoin strategy: they voted on Tuesday for a 30x increase in the number of authorized ordinary shares of class A, so that the company would have more resources to buy the cryptocurrency .

The news came when the company announced its last Bitcoin purchase, so that the possession came to 461,000 Bitcoin-worth more than $ 48 billion. And on Friday the company said that it would pay off for more than 1 billion dollars in existing debts, which had previously built up during the construction of the stock.

Rising projections

Elsewhere, the British Multinational Standard Chartered, who came up with very bullish predictions in the past, said in a Wednesday note that Bitcoin would continue to rise if pension funds would make their appearance.

Analysts at the bank predicted that the enthusiasm of the coin institutions could ensure that the currency would reach $ 200,000 at the end of 2025.

But there were even bigger price predictions for Bitcoin from major players this week. Larry Fink, CEO of BlackRock, said that increasing acceptance could push the price of actively to $ 700,000, while Coinbase founder and CEO Brian Armstrong predicted a prize in the “several millions” at an indefinite point in the future.

Edited by Andrew Hayward