Bitcoin, the leading cryptocurrency, has reached a new record, raising questions about its future and impact on the economy. Prices for the cryptocurrency are rapidly rising, undermining traditional financial markets.
Bitcoin Price Hits Historic Record
Bitcoin's price hit a record high of nearly $123K earlier this week. Over the past 30 days, the asset has risen by about 13%. Meanwhile, the S&P 500 index only rose by 4.73% in that same period. This comparison indicates that Bitcoin has achieved annual stock market returns in less than a week.
Bitcoin Accepted for Home Loans
The US government now officially accepts Bitcoin and other cryptocurrencies as financial collateral for home loans. Previously, Bitcoin holders had to convert their assets to US dollars, but they can now list crypto assets as part of their financial portfolio.
Corporate Investments and Long-Term Holders
Murano Global announced plans to purchase $500 million in Bitcoin using proceeds from selling its stocks. In the first half of July, 80,000 BTC, which had been dormant since 2011, moved for the first time, indicating a potential seller is preparing for a market peak.
The rise of Bitcoin and new initiatives like the adoption of cryptocurrencies in home loans highlight the need to consider changes in the financial system. Corporate investments also play a key role in advancing cryptocurrencies in the market.
