Bitcoin Hits $25,890, Peter Schiff Thinks BTC Price Rise Will Attract Regulators
The price of bitcoin jumped well over the $25k handle touching a high of $25,890 on Saturday morning (EST). The crypto asset has an overall market valuation of $476 billion this weekend gaining over 6.8% during the last 24 hours.
The overall cryptocurrency market capitalization of all the crypto assets in existence today is roughly $665 billion and up over 3.8% over the course of the day. Bitcoin (BTC) has surpassed the $25k mark and is currently trading for $25,700 per unit. At the time of publication, there is $11.6 billion in reported trade volume for BTC trading pairs. BTC is up over 6% for the week, 48% for the last month, and 136% over the course of the last 90 days. The crypto asset against the U.S. dollar over the last year has seen a 250% increase.
There are 18 mining pools pointing SHA256 hashrate at the Bitcoin (BTC) network and F2pool is leading the pack on Saturday. Out of the current 133 exahash per second (EH/s) BTC hashrate, F2pool captures 24.3 EH/s or 18.2% of the overall hashrate. Bitcoin’s issuance rate or inflation per annum is currently 1.78% on December 26, 2020. While BTC has touched new price highs, the gold bug Peter Schiff said that regulators will go after bitcoin soon.
“Bitcoin is hitting new record highs, as its dominance of total crypto market cap rises to 69.3%,” Schiff tweeted as BTC jumped above the $25k handle. “It hasn’t been above 70% since Mar. of 2017. As regulators target altcoins, speculators are taking cover in Bitcoin. Not for long as Bitcoin will eventually be in the crosshairs too.” When an individual asked who the SEC would sue and jokingly said “Satoshi,” Schiff responded: “No, just companies that allow trading in bitcoin, or banks that facilitate bitcoin-related wires.”
Meanwhile, a great number of crypto proponents on social media and forums celebrated the $25k price. “Bitcoin just touched $25,500. I said a month ago it was gonna hit $25k by the end of 2020,” one individual wrote on Twitter. The founder of Bitgive, Connie Gallippi, tweeted: “Holy Moly $25k, Moon Day— everyday bitcoin.”
“Hey Elon Musk are you buying bitcoin?” another individual asked the Tesla founder on Twitter.
Michael Saylor, the CEO of Microstrategy, the company that purchased thousands of bitcoins to hold as reserves said “cash is a refuge from risk, but there is a price to pay.” “Would you sacrifice 98% of your opportunity to avoid the uncertainty of tomorrow?” Saylor tweeted after bitcoin surpassed $25,000. “Volatility is Vitality. Bitcoin is Hope,” he added. The stock-to-flow (S2F) creator Plan B wrote: “Start of this bitcoin bull run feels more like 2013 than 2017.”
What do you think about bitcoin surpassing the $25k mark on Saturday? Let us know what you think about this subject in the comments section below.
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