Bank of America (BoA) has recently compared Bitcoin (BTC) to once-in-a-lifetime inventions such as the printing press, electric vehicles, the internet, etc. The comparison sheds light on BTC’s growing influence in global finances. The once-shoved asset has finally entered the mainstream.
Bitcoin Set To Dominate Global Financial Systems
BTC has seen a substantial rise in adoption over the last few years. The original cryptocurrency is among the best-performing assets of the last decade and a half. BTC has even outperformed major tech stocks and commodities.
The approval of spot Bitcoin ETFs last year allowed global financial institutions to open their doors to the growing asset class. The world’s largest asset manager, BlackRock, has also eased into BTC holdings.
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Bitcoin’s (BTC) growing influence is even visible in BlackRock CEO Larry Fink’s opinion about the US dollar. In a letter to shareholders, Fink said that the US dollar may not be the dominant currency in global reserves in the future. Fink believes other currencies or digital currencies like BTC could take center stage in the future.
Recent Price Movements
Bitcoin (BTC) hit an all-time high of $111,814 on May 22. BTC has faced a substantial price dip since its May peak. The asset is down 1.3% in the daily charts and 3.5% in the weekly charts. Despite the correction, BTC is up 0.2% in the 14-day charts, 1.6% over the previous month, and 60.2% since June 2024.
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In the upcoming years, Bitcoin (BTC) adoption is anticipated to rise. Countries like the US have established digital asset reserves to lead the digital front. As adoption increases, the asset price is likely to rise by a great margin. Even analysts assume that BTC’s price will exceed a seven-digit mark.