U.Today - Bitcoin (BTC) has recently reached a new high, surpassing the $100,000 mark - a big deal for the cryptocurrency market, both financially and psychologically. The achievement has sparked a lot of celebration and analysis across the crypto community, showing how the asset has grown and what it can still achieve.
Brian Armstrong, the CEO of Coinbase (NASDAQ:COIN), shared his thoughts on this historic event in a recent post, pointing out how Bitcoin has done well over the years. He noted that if you had invested $100 in Bitcoin in 2012, when Coinbase was first set up, it would now be worth about $1.5 million. Armstrong also pointed out that $100 in fiat currency does not go as far as it used to, and that Bitcoin is a good way to protect yourself against inflation.
He also suggested that governments think about including Bitcoin in their strategic reserves, pointing out that this is the best-performing asset of the past 12 years and that there is still room for growth, as BTC is still in the early stages of adoption and development.
How much Bitcoin does Coinbase hold?
When asked about Coinbase's own investment in Bitcoin, Armstrong simply referred to the company's public financial disclosures.The latest Coinbase report shows that the company has $1.26 billion invested in crypto assets. A more detailed filing shows that these holdings include 9,363 BTC, worth about $959.94 million at current prices, along with 119,696 ETH, valued at $462.03 million. Thus, Coinbase's crypto holdings are already up by 12.85%, or $161.97 million, in two months.
The milestone has gotten people talking again about Bitcoin's role in global finance and its potential to challenge traditional asset classes. Industry leaders like Armstrong are saying it should be accepted more widely because it is resilient and can offer long-term value.