Bitcoin Hits New All Time High at $112,000 As Corporations Buy Record Amounts of BTC

Bitcoin Magazine

Bitcoin Hits New All Time High at $112,000 As Corporations Buy Record Amounts of BTC

Bitcoin has reached a new all time high (ATH) of $112,000, following a steady climb that began on June 22, when Bitcoin was trading near $98,000. 

BREAKING: BITCOIN HITS A NEW ALL TIME HIGH ABOVE $112,000 pic.twitter.com/xCLzVH05RV

Coinciding with BTC’s ATH, BlackRock’s iShares Bitcoin Trust today also closed at a new ATH of $63.58. IBIT now holds more than 700,000 BTC, roughly over 3.33% of the total bitcoin supply. According to Bloomberg, IBIT generates more annual fee revenue than BlackRock’s S&P 500 ETF (IVV). Despite being just 18 months old, the $75 billion ETF earns an estimated $187.2 million annually, surpassing the $187.1 million earned by IVV.

In 2021, El Salvador became the first nation to invest in Bitcoin, and now holds over 6,232 BTC in their treasury. After bitcoin’s ATH today, El Salvador’s Bitcoin reserves reached $400 million in unrealized gains after years of steady accumulation. On November 16, 2022, the President of El Salvador Nayib Bukele announced the country will start buying 1 BTC per day, “until Bitcoin becomes unaffordable with fiat currencies.”

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The price action also reflects growing the demand from corporations buying more bitcoin. Earlier this month, UK-based The Smarter Web Company increased its BTC holdings to 1,000 BTC. US tech firms have likewise been heavily accumulating, with multiple Nasdaq listed companies converting a portion of their cash reserves into Bitcoin.

“I am looking forward to working with our advisors on evaluating the effectiveness and perhaps we can then inspire other UK companies to adapt a similar mechanism, as we have seen with our pioneering approach to treasury management using Bitcoin,” stated the CEO of The Smarter Web Company Andrew Webley.

Just last month, Strategy Executive Chairman, Michael Saylor, said in a Bloomberg interview, “winter is not coming back. We are past that phase. If Bitcoin is not going to zero, it is going to $1 million. The President of the United States is determined. He supports Bitcoin, the cabinet supports Bitcoin, Scott Bessent supports Bitcoin, Paul Atkins is shown himself to be an enthusiastic believer of Bitcoin and digital assets… Bitcoin has gotten through its riskiest period.”

This post Bitcoin Hits New All Time High at $112,000 As Corporations Buy Record Amounts of BTC first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.