Bitcoin has reached a new time of $112,000 (ATH) following a steady climb that began on June 22 when Bitcoin was trading nearly $98,000.
In line with BTC’s ATH, BlackRock’s Islands Bitcoin Trust was closed today with a new $63.58 ATH. IBIT currently holds over 700,000 BTC, exceeding about 3.33% of its Bitcoin supply. According to Bloomberg, IBIT generates more annual fees than BlackRock’s S&P 500 ETF (IVV). Despite being just 18 months old, the $75 billion ETF earns an estimated $187.2 million per year, exceeding the $187.1 million IVV won.
In 2021, El Salvador became the first country to invest in Bitcoin, and now has over 6,232 BTC in the Ministry of Finance. After today’s Bitcoin ATH, El Salvador’s Bitcoin Reserve reached $400 million in unrealized profits after years of steady accumulation. On November 16, 2022, the president of El Salvador Naive Buquer announced that he would begin purchasing one BTC a day, “until Bitcoin becomes uncontrollable in Fiat currency.”
Price Action also reflects an increase in demand from companies buying more Bitcoin. Earlier this month, UK-based The Smarter Web Company increased its BTC holdings to 1,000 BTC. Similarly, US tech companies are very accumulated, with several Nasdaqs having listed companies converting some of their cash reserves into Bitcoin.
“I look forward to working with advisors on efficacy assessments. Perhaps, as we saw in our pioneering approach to financial management using Bitcoin, we can encourage other UK companies to adapt similar mechanisms.”
Last month, Michael Saylor, executive chairman of strategy, told Bloomberg in an interview with Bloomberg: “The winter hasn’t returned. We’re past that stage. If Bitcoin doesn’t go to zero, it’s $1 million. It’s going through the most dangerous period.”
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