The chief investment officer at the world’s top asset manager, BlackRock, argued that Bitcoin may be a better store of value than gold. “It's hard to say whether it's worth the price it is trading at today. But do I think it is a durable mechanism that—do I think could replace gold to a large extent? Yeah I do, because it's so much more functional than passing a bar of gold around.”
Securities and Exchange Commission chairman Jay Clayton suggested that Bitcoin (BTC) is thriving thanks to the shortcomings of the traditional financial system.
Bitcoin ends another week on another long-term high after a frenzied few days’ trading delighted bulls and saw no sign of a major pullback. A transformative week for traders, Bitcoin has reached highs not seen since immediately after it peaked at $20,000 in late 2017.
The amount of liquid bitcoin—that held by wallets that trade as oppose to hold—"is similar to what it was during the 2017 bull run,” the blog said. “ But the amount held in illiquid wallets is much higher, currently representing 77% of the 14.8 million Bitcoin mined that isn’t categorized as lost... That leaves a pool of just 3.4 million Bitcoin readily available to buyers as demand increases.”
