Bitcoin Almost Hit $100,000 As Companies & Countries Are Looking to Adopt BTC as a Reserve Asset

The “Trump pump” continued throughout the rest of November, with Bitcoin closing the month just shy of $100,000. 

Why? 

Well, besides the massive boost in crypto investor confidence following Trump’s election win, both countries and companies have announced plans to buy Bitcoin for their balance sheets. 

Oh, and my home state of Pennsylvania is also considering using Bitcoin as a strategic reserve asset. To say I’m pumped and excited is an understatement! 

There is much to talk about, so let’s go! 

The road to $100,000 is 99% done! 💪

Ever since the U.S. elections, Bitcoin has been on a tear.  

For a few days after the elections, we woke up to new all-time highs almost every day for about a week.

Today (at the time of writing), the price of Bitcoin is trading in the high $90,000s. 

And that’s with a big liquidation interest by short sellers, as you can see in the chart above. Considering how much sell pressure there is, Bitcoin is actually holding up quite nicely. 

There was a brief time at the beginning of this week when we dipped to $91,000. 

Cheap sats to smash buy if you ask me (and I may have done that). 🙂 

We also saw the beginning of options trading on spot Bitcoin ETFs. As anticipated, Wall Street immediately jumped onto this new financial product. 

According to CNBC, within the first 60 minutes of trading, BlackRock’s ETF (IBIT) traded 73,000 options contracts, placing the fund among the top 20 most active nonindex options.

Options are ushering in a new era of Bitcoin adoption among institutional investors, and demand appears to be present. 

But those are not the only investors interested in Bitcoin! 

If you take Google Trends searches for Bitcoin as your benchmark, retail investors are also back in the game.

I’ve got no doubt that the FOMO investors are back and will want to buy Bitcoin in the coming months. 

We’re edging closer to $100,000 per Bitcoin, an immense milestone in the cryptocurrency's 16-year history and a sign of things to come. 

If this is your first Bitcoin bull market, buckle up. Things are about to get wild! 

Companies, states & countries are adopting Bitcoin 🚀

The spot Bitcoin ETFs are definitely one of the key factors this year that put Bitcoin (back) on the map for many investors. 

However, there’s also the story about adopting Bitcoin as a treasury reserve asset–a strategy that MicroStrategy pioneered and that we at Samara implemented years ago.  

Last month, Michael Saylor announced the issuance of a $42 billion capital plan that includes a $21 billion ATM equity offering with a target of raising $21 billion in fixed-income securities.

In November, MicroStrategy doubled down and bought over 100,000 BTC within a span of two weeks. 

This strategy has worked incredibly well for MicroStrategy and it seems like other companies are also noticing it. 

Last month alone, Metaplanet, Rumble, MARA Digital Holdings, Semler Scientific, and Cosmos Health announced a Bitcoin reserve strategy or bought more Bitcoin. 

The adoption rate of Bitcoin on the balance sheet is going through the roof. 

But that’s not everything! 

This enthusiasm seems to have spilled over to governments or states as well. 

My home state of Pennsylvania is on the brink of voting for a dedicated Bitcoin treasury reserve strategy. 

If this legislation passes, it would enable the state to invest up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin.

This is huge news! 

It’s one of the best financial decisions the state of Pennsylvania can make and one of the first steps toward rock-solid regulation. 

The same might also happen nationally, as Senator Cynthia Lummis sent in the Bitcoin 2024 bill, which would acquire one million Bitcoin in the next five years. 

However, the U.S. is not the only country that has followed this. 

Earlier this week, Brazilian Congressman Eros Biondini proposed establishing a national Bitcoin reserve in Brazil. The biggest economy in South America might soon be introducing a dedicated Bitcoin reserve strategy. 

This could spark a wave of other countries following this and more nation-state adoption across the globe. 

An incredible sight to see! 

Why this former Private Equity investor is betting it all on Bitcoin and Bitcoin companies 👀

I have no doubt that Bitcoin will change the future for the better on so many levels. 

However, to get there, we need more companies that can bridge the gap between the fiat and Bitcoin worlds. This is where venture capital funds come in and support the ecosystem.

I had the privilege of talking to Nico Lechuga in the latest Proof of Words Podcast episode. He’s one of the founding partners at Ego Death Capital, a venture capital fund that supports Bitcoin businesses. Many of their portfolio companies focus on scaling solutions and easy access to Bitcoin. 

Nico used to work in private equity. He had many fascinating stories to share about his journey into entrepreneurship and how he ended up in Bitcoin. Tune in here to watch the full episode!

Your fellow stacker in sats, 

Patrick Lowry