This past month, the Bitcoin price surpassed the $100,000 barrier. According to Bitso, this is a monumental moment for Bitcoin and the crypto industry.
Bitso noted that breaking the $100,000 mark, surpassing both price resistances and the psychological milestone, cements BTC as “one of the most important assets in the market.”
Following this key development, most of those who bought and held Bitcoin are in the green.
At Bitso, they acknowledge the significant of this milestone alongside the community and all those who were told they “got lucky when Bitcoin hit $20,000, and again at $40,000, $60,000, $80,000, and so on.”
As noted in the analysis from Bitso, reaching $100,000 demonstrates the resilience of the Bitcoin protocol and the “bright future” of cryptocurrency.
According to Bitso’s analysis, various factors have made 2024 a pivotal year for Bitcoin adoption—”not only within the crypto community and industry, highlighted by the fourth halving that occurred in April, but also among companies, institutional investors, and even governments.”
With a robust Bitcoin strategy, MicroStrategy’s stock has “outperformed tech giants like Nvidia, showcasing Bitcoin’s strength and potential as a strategic reserve asset.”
The update from Bitso also mentioned that the launch of Bitcoin exchange-traded funds (ETFs) in the U.S. has been remarkable, “attracting over $50 billion in just 10 months.”
As stated in the update from Bitso, this is an impressive figure “compared to the $250 billion that gold ETFs have accumulated over two decades.”
Meanwhile, countries like Bhutan, which revealed this year that it “has been mining Bitcoin since 2019 and holds over 13,000 BTC, and El Salvador, with more than 6,163 BTC, as well as regulatory advances in regions like Latin America and the European Union, reflect the growing government-level adoption of Bitcoin.”
This is happening as the U.S. begins exploring the “creation of a strategic Bitcoin reserve following Donald Trump’s election.”
As Bitcoin continues to reach new all-time highs, it is “solidifying its position as a cornerstone of the financial revolution.”
At Bitso, they will continue working to make crypto useful, “doing their part to ensure the success of the community and the industry.”
As covered, Bitso is Latin America’s financial services company powered by crypto, with a community of more than 8 million customers.
Bitso offers a secure, regulated and easy-to-use digital platform to buy, sell, hold, earn yields and transact over 50 cryptocurrencies.
Bitso Business is the company’s B2B segment with over 1,700 institutional clients.
Bitso Business provides infrastructure for cross-border payments, enabling global companies to instantly pay and get paid in local currency and move money across borders with cost-efficiency and transparency.
Founded in 2014, with over 500 employees in 35 different countries, Bitso is working to make crypto useful by “unlocking the power of borderless, secure and easy-to-use financial products.”
Bitso remains committed to empowering the region by “providing universal access to the digital economy of the future and enabling a fairer monetary system.”