BTC Has Surpassed USD 100,000 In A Historic Moment For The Asset - BTC Has Reached This Milestone On The Back Of Numerous Narratives. ‘...the primary driving force behind Bitcoin at the moment is portfolio allocation decisions…:’ Five days ahead of the US election FRNT CEO Stephane Ouellette told Bloomberg columnist John Authers that BTC performance is being driven by new adoption led by macro factors. FRNT’s CEO pointed to Paul Tudor Jones’ comments that ‘all roads lead to inflation,’ regardless of the election's outcome. In this context, global economic conditions, such as inflation, geopolitical angst, or political uncertainty, are driving BTC adoption. As Ouellette explained to Authers in October, ‘these moves in BTC tend to play out over time as entrants go from 0 or marginal allocations to including BTC in their portfolios as we go further down the path of this cycle.’ The best performing ETFs of all time: Bloomberg’s ETF specialist Eric Balchunas pointed out yesterday that BlackRock’s IBIT has reached over USD 50B AUM in 228 days while ‘next fastest ETF to reach [USD 50B] was [IEFA] in 1,329 days.’ Taken all together, the spot BTC ETFs now hold 1,092,924 BTC, worth USD ~113B. Numerous financial institutions made their first allocations to BTC via the ETFs. Notable examples include state pension plans, major US banks such as Goldman Sachs, and university endowments. BTC proponents believe that global financial institutions will continue to increase their exposure to the asset and that in earnest the institutional adoption of BTC is in its early stages.

• Federal Reserve Chair Jerome Powell said BTC is a competitor to gold, not the US dollar. • BTC miner Hut 8 announced an at-the-market equity offering to raise USD 500M to invest in BTC as a strategic reserve. • Stablecoin issuer Circle has laid off ~5% of its workforce. • El Salvador-based NexBridge closed a USD 30M public issuance of USTBL, a tokenized security on BTC layer-2 Liquid Network backed by US t-bills. • DeFi.app, a project aiming to build ‘the world's first decentralized SuperApp,’ raised USD 2M in seed funding. • BTC investing app Bitcoin Well (TSXV: BTCW) announced it has purchased CAD ~1M worth of BTC to establish a strategic treasury reserve. • Russian President Vladimir Putin said nobody can prohibit the use of BTC and other ‘electronic means of payment.’ • Layer-1 network Xion announced the launch of its mainnet and an airdrop.

• Bloomberg: [Bitcoin Shoots Past $100,000 In Vindication For The Crypto Faithful](https://www.bloomberg.com/news/newsletters/2024-12-05/bitcoin-btc-shoots-past-100-000-as-trump-sec-pick-atkins-boosts-crypto-bulls) • CNBC: [Bitcoin Price Hits $100,000 For The First Time](https://www.nbcnews.com/business/markets/bitcoin-100000-rcna181008) • New York Times: [Bitcoin Hits A Milestone: $100,000](https://www.nytimes.com/2024/12/04/technology/bitcoin-price-record.html)

• CNBC discusses Jerome Powell's remarks on BTC. • What Fed chief Powell Said About Crypto That May Have Aided Bitcoin’s Rally To $100,000 - CNBC, December 5, 2024

• [Why XRP Might Have Been The ‘Most Hated’ Rally Ever](https://unchainedcrypto.com/bits-bips/bits-bips-why-xrp-might-have-been-the-most-hated-rally-ever/), Unchained Podcast, December 4, 2024 • James Seyffart, Noelle Acheson, Ram Ahluwalia, and Alex Thorn discuss XRP's performance.