Bitcoin Hits USD $100,000, NYC Mayor Adams: Who’s Laughing Now?

Bitcoin Hits USD $100,000, NYC Mayor Adams: Who’s Laughing Now?

“Who’s laughing now?” NYC Mayor Eric Adams silenced naysayers who criticized him for taking some of his salary in bitcoin.

Beaver Bullets:

• Bitcoin has achieved an unprecedented $100,000 per coin, becoming a $2 trillion asset and surpassing the Canadian dollar.
• NYC Mayor Eric Adams embraces Bitcoin’s potential in a public address.
• Vladimir Putin acknowledges Bitcoin’s inevitability.

---

1. Bitcoin has officially reached USD $100,000 per coin, bursting through heavy resistance from last month.

This new all-time high for BTC is the first time the asset has reached a six-figure value in USD terms.

The massive wall of sell orders sitting at that price level has been thoroughly routed, and USD $100,000 has now become support

As of 10 PM ET on Wednesday, BTC traded for USD $103,300.

Bitcoin is now a USD $2 trillion asset. This means BTC has flipped the Canadian dollar, outstripping the total value of all CAD in circulation.

To every Beaver who stacked through FUD and FOMO – through criticism from friends, family, and your own Prime Minister – we salute you.

2. Pro-Bitcoin NYC Mayor Eric Adams is up big on his Bitcoin holdings – and he’s letting the haters know.

During a recent media event, Adams told the press that America should embrace new technologies like Bitcoin and AI instead of fearing them.

“We should not be afraid of Bitcoin,” he said. “Remember y’all laughed at me when I first got my Bitcoin? Who’s laughing now? Go look at my Bitcoin now.”

During his race to become mayor in 2022, Adams promised to accept his first three paycheques in Bitcoin. After he did, BTC’s price continued crumbling throughout the year – but he HODL’d through.

“You all mocked me,” he continued. “Now you wish you would have done it.”

It’s a familiar experience for anybody who’s been in Bitcoin for a while. If you’ve been buying BTC with Beaver for many months now, you’re likely relishing the moment – and have received many curious messages from friends and relatives asking about “when to buy.”

Despite being on the other side of the political aisle, Adams also credited members of the incoming Trump administration – including Elon Musk – for being “willing to think outside of the box.” Trump is now famously supportive of Bitcoin, and wants to establish a strategic Bitcoin stockpile for the United States. 

By contrast, his political rival who he will soon replace is no friend of Bitcoin, and he appears to be spitefully attacking it before leaving office.

3. The U.S. government moved 19,799 BTC ($1.92 billion) to a new wallet on Monday.

Arkham intelligence has flagged one of the addresses to receive roughly half of the funds as having moved its money (10,000 BTC) over to Coinbase Prime. Typically, moving coins to an exchange service signals an intent to sell them.

The government currently holds 198,000 BTC, much of which it seized from the Silk Road hacker back in 2021. Though it has been gradually selling those coins ever since, this current sale would mark one of the largest single government sales ever – and would be a slap in the face to the incoming Trump admin that’s already promised to keep all of the coins the government currently holds.

While this may have been more bearish earlier in the year, this sale will be nothing more than a speed bump in today’s market conditions. Bitcoin is regularly logging $80 billion in daily trading volume these days, meaning the market is well prepared to absorb the new supply. Furthermore, with the Bitcoin ETFs continuing to experience absurd inflows, and MicroStrategy buying 3250 BTC per day, the buy pressure will simply overwhelm whatever the Biden admin can shore up to sell.

4. Russian President Vladimir Putin admits that Bitcoin is inevitable.

This was a surprising statement given that Putin himself signed legislation banning Bitcoin for payment back in 2022.

“Who can ban Bitcoin? Nobody,” he said on Wednesday. “Who can ban the use of other electronic means of payment? Nobody.”

“No matter what happens to the dollar, these tools will develop one way or another,” he added, “because everyone will strive to reduce costs and increase reliability.”

Despite its payments ban at the time, Russia and Putin have a lot to like about Bitcoin: it’s an alternative to the global US dollar system that his country was ejected from two years ago. Russia’s government has previously said that it wouldn’t mind agreeing to settle international trade with BTC for the countries willing to do so.

It seems that all over the world, the idea of “banning Bitcoin” has been tossed away, and the idea of adopting it to serve each nation’s economic needs is fast becoming reality.

Bitcoin is now a USD $2 trillion asset, and destined to grow far, far larger.

Stay humble,

Andrew