Bitcoin sees small pullback after topping $100k

Wealth Wizards
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1 Video View·Dec 6, 2024
CNBC's Tanaya Macheel joins 'Closing Bell' to discuss Bitcoin topping over $100k before retreating before the bell.
About nine and a half minutes ago, the significant story of Bitcoin topping 100,000 for the first
time ever, sitting just about right there. Let's send it over to CNBC.com's Tanae McKeel for more
as you marvel like everybody else at this move, especially since the election.
Yeah, Scott, Bitcoin, like you said, just sitting below 100k now for the last 20 minutes or so,
giving back much of its gains today. But nevertheless, a really exciting day for
Bitcoiners who, you know, have faced ridicule as they have held through several 70 percent
drawdowns from the cycle highs over the years. The enthusiasm did not carry over into stocks.
Coinbase and MicroStrategy have been in the red here. But nevertheless, there is a lot of runway
for Bitcoin as well as the crypto stocks. Several analysts I've talked to are calling for $200,000
by the end of next year. And if that still seems a little crazy to you, just remember that this is
a halving year. So the Bitcoin network just slashed its own supply in April. And you're seeing all of
this new demand from individuals buying ETFs, the states and nation states and the U.S. itself
looking to establish Bitcoin reserves. So it's not going to be a straight lineup, of course,
but there is a lot of optimism as investors hang their hopes on President-elect Trump
delivering on some of his very pro-crypto promises into next year. Scott?
Yeah, good stuff, Tanae. Thank you, Tanae McKeel.
