News on Crypto Currency: BTC Nears $100K Amid Market Surge
News on Crypto Currency: BTC Market Cap Nears $2 Trillion
The world of digital currency continues to dominate headlines today, with Bitcoin leading the charge toward unprecedented price levels. Christopher Wood, a renowned equity strategist at Jefferies, has unveiled his plan to sell his Bitcoin holdings once the cryptocurrency reaches $150,000. This latest update on cryptocurrency highlights the growing confidence in Bitcoin's potential, fueled by historical trends and favorable market conditions.
With digital currencies becoming a mainstream topic among institutional investors, the latest news on cryptocurrency emphasizes Bitcoin’s role as both an investment powerhouse and a digital alternative to traditional assets. Stay tuned for recent news on cryptocurrency as the market evolves amid global developments.
Crypto Currency News Today
Christopher Wood Sets $150,000 Target for Bitcoin Sell-Off
Christopher Wood, Global Head of Equity Strategy at Jefferies, has announced his intention to sell his Bitcoin holdings when the price reaches $150,000. This represents a 53% increase from current levels. Wood, who allocated 10% of a US dollar-denominated pension fund to Bitcoin in December 2020, originally purchased the cryptocurrency at $22,779. He also holds a 5% stake in a Bitcoin ETF within his global long-only equity portfolio. Despite his bullish stance, Wood does not plan to trade actively, particularly in the pension fund allocation.
Post-Halving Cycle Fuels Optimism for $150,000 Target
Wood’s prediction aligns with Bitcoin’s historical performance during post-halving cycles. Following halvings in 2012, 2016, and 2020, Bitcoin achieved gains of 90x, 30x, and 7.5x, respectively, within the following months. After the latest halving in April 2024, Bitcoin surged by 54%, nearing $100,000. Wood's analysis, presented in his weekly note GREED & fear, suggests that Bitcoin could rally threefold in this post-halving cycle, making $150,000 an ideal profit-taking level for investors leveraging the cryptocurrency.
Trump Administration’s Crypto Stance Encourages Institutional Confidence
The anticipation of pro-crypto regulatory policies under President-elect Donald Trump adds to the bullish sentiment. Wood highlights Howard Lutnick, co-chair of Trump’s transition team and CEO of Cantor Fitzgerald, as a strong crypto advocate. With Lutnick’s influence in the stablecoin market through Tether, expectations of favorable policies could further propel Bitcoin adoption. Institutional investors, Wood suggests, can no longer afford to ignore cryptocurrency as it moves closer to mainstream acceptance.
Bitcoin as a Digital Alternative to Traditional Assets
Despite the enthusiasm, Wood reiterates that Bitcoin should not replace gold but act as its digital counterpart. Gold has seen significant growth in 2023, with gains of up to 73% against major currencies. While Bitcoin is celebrated for its rapid capital gains, gold remains a cornerstone of stability. As Bitcoin’s market capitalization approaches $2 trillion, Wood’s strategy underscores the cryptocurrency’s evolution into a digital alternative, rather than a substitute, for traditional stores of value.
