Bitcoin's price surged past $71,240 before pulling back slightly, now trading at $70,680. This recent increase, a 3.71% rise from Tuesday to today, is attributed to market expectations of potential interest rate cuts by the U.S. Federal Reserve as early as November. Despite a subsequent 0.9% decline, significant activity has been observed in spot Bitcoin ETFs, which saw inflows of $887 million in BTC. Notably, BlackRock’s IBIT attracted $274 million, and Ark Invest increased its BTC holdings by $139 million, marking the second largest daily inflow since the SEC approved Bitcoin ETFs in mid-January.
Michael Saylor, co-founder of MicroStrategy and prominent Bitcoin advocate, has been actively tweeting about Bitcoin as the digital currency recently hit the significant milestone of $71,000. In one tweet, Saylor shared an AI-generated image of a bee in a beehive alongside a Bitcoin mascot, encouraging people to "Join the Swarm"—a nod to the growing global community of Bitcoin supporters and holders. In another tweet, Saylor predicted that the future of money will be digital, ending with a Bitcoin hashtag.
In related news, Max Keiser, another prominent Bitcoin supporter, recently tweeted his prediction of a substantial future price surge for Bitcoin. He expects Bitcoin to surpass gold in market capitalization by at least two to three times. This prediction aligns with VanEck CEO Jan van Eck's statement during a conversation with crypto trader and podcaster Scott Melker, where he suggested Bitcoin's market cap could reach at least half of gold's. At present, gold's market cap is roughly $15.9 trillion, whereas Bitcoin's market cap is around $1.4 trillion, making it about one-tenth the size of gold's.
