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Bitcoin has achieved a **remarkable milestone** this week, breaking records with a **20% increase** in value. This surge has sparked discussions among investors and analysts alike about the factors contributing to this rapid rise in price.

### Key Drivers of Bitcoin's Recent Surge

- **Market Sentiment**: The current market sentiment is **bullish**, with many investors optimistic about Bitcoin's future. 
- **Increased Adoption**: More businesses and individuals are starting to accept Bitcoin as a form of payment, contributing to its **growing legitimacy**.
- **Institutional Investment**: There has been a noticeable uptick in **institutional investment**, indicating confidence in Bitcoin's long-term value.

### What’s Next for Bitcoin?

As Bitcoin continues to climb, analysts are closely monitoring its trajectory. Many are asking if this growth can be sustained or if it is a short-term spike. Investors are encouraged to stay informed and watch for market trends that could impact Bitcoin's performance.

With its **record-breaking performance**, Bitcoin is once again at the forefront of cryptocurrency discussions, and its future remains a topic of great interest. 

Stay tuned for more updates on Bitcoin and the cryptocurrency market.

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Bitcoin Soars 20% in Just One Week: What's Driving the Surge?

Think you're **too late** to **Bitcoin**? You’ve still got time, according to ETF manager **Bitwise’s chief investment officer**, who predicts **sizable gains** still to come.

Of course, he would say that. But crypto asset manager boss **Matt Hougan** has laid out some interesting reasons why he thinks the average investor can still snap up **“digital gold”**—and that being late to Bitcoin would be when or if it hits the **$500,000 mark**.

Bitcoin’s price **soared** amid **Donald Trump’s Presidential election victory** last week, and has continued to rocket upwards, constantly breaking new all-time highs. It shot up to a new peak of nearly **$93,500** earlier Wednesday, though has cooled since.

Hougan argued in a [Tuesday blog post](https://experts.bitwiseinvestments.com/cio-memos/bitcoin-to-500k) that **Bitcoin**—and assets like **gold**—will continue to be attractive to investors as **fiat currency** is debased.

“Bitcoin is still developing, even after this latest rally,” he wrote, arguing that it still makes the news when a major **institution** or **pension fund** invests in the asset.

“**Bitcoin will increasingly be accepted as a store of value**, standing shoulder to shoulder with gold,” he added, noting that when the asset starts to eat gold’s market share, it will then be “**mature**” in his view.

Bitcoin was created as a **peer-to-peer payments network** so that anyone with an internet connection could send or receive money without a centralized player or intermediary in the middle.

But as the years have gone by, it has become an asset primarily defined as being a **store of value**, giving investors **eye-watering returns**. Other cryptocurrencies can be traded faster and with lower fees, but over a lengthy time span, Bitcoin just **gains**.

It is for this reason that the **“orange coin”** has long been touted as an **inflation hedge** by the crypto community. Now, top asset managers and traditional finance bigwigs claim the cryptocurrency is a good bet during times of uncertainty, and when governments are **debasing their currencies**.

But there's always **risk** involved with crypto investment. Hougan did warn would-be investors that his projections might not pan out despite the **bullish vibe** in the air right now.

“There is no guarantee that Bitcoin will ever be worth **$500,000 per coin**,” he wrote. “We don’t even know if it will eclipse **$100,000**.”

Think you're "too late" to Bitcoin? Amid fresh price peaks, Bitwise CIO Matt Hougan argues that the asset still has a long way to go.

Is Bitcoin Really on Its Way to $500K? Insights from Bitwise's CIO

![Russia's Cryptocurrency Tax Framework](https://specials-images.forbesimg.com/imageserve/67348d461bd384f3779e2b5e/Russia-approves-comprehensive-crypto-tax-framework-with-two-stage-taxation-for-miners/960x0.jpg?fit=scale)

The **Russian Government Commission** on Legislative Activities has taken a significant step by advancing a bill to impose taxes on cryptocurrency operations as of **November 11**. This new framework categorizes **crypto as property**, establishing a tax obligation for both **corporate and individual miners**.

### Tax And Mining Framework Details

Under this legislation, miners will face a **two-stage taxation model**:  
- **Stage 1**: Companies incur an initial tax when cryptocurrency is deposited in their wallets, calculated based on major exchange closing prices.  
- **Stage 2**: An additional tax is applied upon selling cryptocurrency, with provisions for deductible losses if the sale price drops below the initial taxed value.

From **2024**, individual miners will see a progressive tax rate ranging from **13% to 22%** for annual incomes exceeding **2.4 million rubles**, while corporate tax rates will escalate to **25%** by **2025**. Companies can reduce their taxable base by documenting operational costs, including electricity and equipment expenses.

### Compliance Requirements

Mining operators must report service data to the **Federal Tax Service** and face fines for non-compliance. Notably, **value-added tax (VAT)** will not apply to crypto operations. Estimates suggest these measures could yield **50 billion rubles** ($521 million) annually for the Russian budget.

### Bitcoin's Global Economic Impact

Bitcoin's decentralized nature continues to provide advantages globally. Countries like **Bhutan** and **El Salvador** are leveraging Bitcoin for economic growth, highlighting the increasing competition for Bitcoin adoption. Russia's framework is just one part of a broader trend in cryptocurrency regulation, positioning countries to harness Bitcoin's potential economic benefits in a transforming financial landscape.

Russia implements crypto tax system treating digital assets as property, requiring miners to pay taxes on both mining and selling activities

Russia's Bold Move: New Cryptocurrency Tax Framework Unveiled!

Tech mogul **Elon Musk** has sent the **Dogecoin** community into a frenzy with his recent post on X, previously known as Twitter. In a playful nod to the popular meme cryptocurrency, Musk tweeted about his new role as the head of the **Department of Government Efficiency** formed by the new U.S. president, referring to it as **D.O.G.E.**.

![Elon Musk Makes DOGE Army Erupt With Excitement With D.O.G.E. Tweet](https://u.today/sites/default/files/styles/736/public/2024-11/s4841.jpg)

The primary focus of this department will be to tackle the massive **U.S. government spending**, which has ballooned to **$35.81 trillion**, marking a staggering increase of **$8.06 trillion** over the last four years. Musk's abbreviation, D.O.G.E., cleverly aligns with **Dogecoin (DOGE)**, a cryptocurrency he has championed.

The announcement sparked enthusiastic reactions from the **Dogecoin army**, with many users expressing optimism that Musk's involvement could lead to a significant rise in DOGE's price. In just one day, the price of Dogecoin surged by over **52%**, reaching **$0.43409** before retracting to **$0.37578**.

### Insights from Dogecoin's Co-founder
Billy Markus, one of the co-founders of Dogecoin, also weighed in on Musk's appointment. He acknowledged the reality of reducing government spending, stating that it would be a painful process due to the economy's dependency on government funds. He stressed the urgency of addressing the **insane amount of spending** to prevent economic collapse. Markus believes that with Musk's leadership, there is hope for stabilizing the national debt, which has increased by **$15 trillion** over the past 15 years.

![Dogecoin price surge](https://u.today/sites/default/files/inline-images/MuskCommentsDOGE.jpg)

Markus's thoughts resonate with many in the community, as they anticipate positive changes under Musk’s guidance. The excitement surrounding this announcement reflects the ongoing influence of **Elon Musk** in the cryptocurrency space, particularly for **Dogecoin** enthusiasts.

Tech mogul Elon Musk has triggered Dogecoin community's excitement with his recent X post

Elon Musk Ignites Dogecoin Frenzy with D.O.G.E. Announcement!

Elon Musk has once again captured headlines with his **bold forecast** of an impending economic downturn. This warning, made without political ties, underscores Musk's reputation for making **provocative predictions** that resonate across both the **financial** and **tech sectors**.

### Musk's Insights on Economic Trends
Musk's insights derive from his extensive experience as CEO of multiple pioneering companies. His unique perspective on **global trends**—shaped by his work in industries like **electric vehicles** and **space travel**—allows him to identify potential economic challenges that could impact markets worldwide.

### The Need for Vigilance
While Musk did not detail the specific reasons behind his forecast, he has reportedly analyzed past patterns and current indicators. His remarks emphasize the importance of being vigilant in the face of potential **economic instability**.

### The Ripple Effect of Economic Predictions
Economic predictions often extend beyond immediate implications, influencing the lives of individuals, communities, and nations. When a figure like Musk raises concerns about a financial downturn, it can lead to **anticipation**, **preparation**, and even **skepticism** across various sectors.

### How Economic Downturns Affect Daily Lives
Anticipating economic downturns often leads individuals to reassess their financial habits—such as **reducing expenditures** and **increasing savings**. Communities may also face challenges like potential **job losses** and reduced funding for public projects.

### Community Resilience
Communities that have successfully navigated economic downturns typically exhibit strong **resilience**. They mobilize local resources, support small businesses, and foster social ties, which can help buffer against broader economic adversities.

### Questions Surrounding Economic Forecasts
An important question arises regarding the weight we should place on forecasts like Musk’s. Although influential, economic predictions are inherently uncertain and can lead to **overreactions** or **speculative behaviors** in the market.

### Pros and Cons of Paying Attention to Economic Forecasts
**Advantages** of following such forecasts include the ability to avert financial mishaps through strategic planning. Conversely, **disadvantages** can manifest as unnecessary fear, restrained spending, and increased market volatility.

To stay informed about the financial world and broader economic trends, resources like **Bloomberg** and **Forbes** can be valuable.

![Venus Transit in Scorpio 2024](https://www.youtube.com/embed/fR85OFaUZ3w?feature=oembed)  

Elon Musk's forecast of an economic downturn adds an intriguing layer to ongoing economic discourse, prompting individuals and communities to balance insights with personal research and strategic action.

Tech Icon's Bold Prediction: Financial Crisis on the Horizon - Bitcoin Perfect

Elon Musk Warns of Imminent Financial Crisis: What You Need to Know

### Metaplanet's Impressive Bitcoin Gains

Tokyo-based **Metaplanet** has recently announced a **$28 million** increase in its Bitcoin holdings, a significant milestone that has surpassed the company's market capitalization at the start of the year. 

Since late September, Metaplanet has more than **doubled** its Bitcoin acquisitions, climbing from **492.82 BTC to 1,018.17 BTC** by mid-November, as detailed in their **Q3 financial report**.

### Riding the Crypto Wave

This strategic move comes at a time when the **crypto market** is experiencing a renewed rally, with Bitcoin's value soaring over **105% this year**, reaching approximately **$87,000**.

In October alone, the firm acquired over **156 BTC** for around **$10 million**, bringing its total investment in Bitcoin to **$64 million**.

### Expanding Financial Strategies

Often referred to as **"Asia’s MicroStrategy,"** Metaplanet is not just increasing its Bitcoin holdings but is also exploring **Bitcoin options trading** to generate premium income, leveraging both cash and Bitcoin as collateral. This initiative aims to enhance operational income and further expand its cryptocurrency portfolio.

Last month, the company adopted a metric akin to MicroStrategy's **"BTC Yield"** as its official Key Performance Indicator (KPI), allowing them to assess the impact of Bitcoin acquisitions on shareholder returns.

Metaplanet expressed its intent to continue growing its Bitcoin holdings through various **capital market activities** and operational income, as stated in their recent report.

### Financial Performance Overview

Despite the surge in Bitcoin value, Metaplanet reported a **net loss of $2.1 million** for the nine months ending September 30, 2024, although this reflects an improvement from a **$2.7 million** loss during the same period last year. However, the company's revenue saw a **46.3%** year-over-year increase, reaching **$1.7 million**, largely driven by its hotel business and digital asset ventures. Additionally, Metaplanet secured over **$26.7 million** through stock issuances and bond offerings this year.

### Stock Market Response

In response to these financial developments, Metaplanet's stock experienced a **5% drop** on Tuesday, with shares trading at **1,766 JPY ($11.41)** during early Asian trading hours.

Tokyo-based Metaplanet has more than doubled its Bitcoin while the value of its holdings has soared amid a renewed bull market.

Metaplanet's $28 Million Bitcoin Bonanza: A Closer Look at Its Bold Strategy and Stock Slide

### **Bitcoin Faces Exhaustion After Record Highs**  
Bitcoin (BTC) has recently reached a staggering all-time high of **$89,980**, but it is currently trading around **$87,500**, indicating potential for a significant **pullback**. The **Relative Strength Index (RSI)** is at **80**, suggesting that it is in the overbought territory, and traders should be cautious as a correction could see BTC drop about **10%** to retest the **$78,807** support level.

![BTC/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-11-13_09-07-06-638670699136522188.png)  
*BTC/USDT daily chart*  
If bullish momentum continues, BTC could rally towards **$99,887**, the **241.40% Fibonacci extension level**.

### **Ethereum's Rejection at Key Resistance**  
Ethereum (ETH) has also faced challenges, recently declining to around **$3,200** after a robust rally exceeding **40%**. Currently testing the **$3,454** resistance level, the RSI indicates a decline with a reading of **69**. A pullback could see ETH drop **6%** to reach the critical **$3,000** level.

![ETH/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/ETHUSDT_2024-11-13_09-28-35-638670699615647795.png)  
*ETH/USDT daily chart*  
Should ETH break above the **$3,454** resistance, it may aim for the **$4,000** psychological barrier.

### **Ripple's Struggle at Resistance Levels**  
Ripple (XRP) has recently broken through its daily resistance at **$0.544** but is now declining to around **$0.671** after facing rejection at a high of **$0.744**. The RSI reading of **73** suggests an overbought condition, indicating a potential pullback towards the crucial **$0.626** support level.

![XRP/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/XRPUSDT_2024-11-13_09-34-31-638670700098196424.png)  
*XRP/USDT daily chart*  
If XRP can close above **$0.744**, it may continue to rally towards **$0.854**.


Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory. 

Bitcoin, Ethereum, and Ripple: Are Major Pullbacks on the Horizon?

### Bitcoin: The Decentralized King

**Anthony Pompliano**, co-founder of **Morgan Creek Digital** and a prominent advocate for **Bitcoin (BTC)**, has expressed unwavering confidence in the cryptocurrency's long-term dominance despite market fluctuations. He firmly believes that Bitcoin is the **king of the cryptocurrency market** that is here to stay.

### What Happened
Pompliano highlighted Bitcoin's unique nature, stating, "Most kings are centralized…but the beauty of Bitcoin is that it's decentralized…It is rules without rulers.” In an interview with **Fox News**, he emphasized the importance of Bitcoin's decentralized structure.

### Market Predictions and Resilience
Despite previous market challenges, Pompliano maintains his belief in Bitcoin's future. He initially predicted in 2019 that Bitcoin would reach **$100,000** within 2.5 years. Although this target wasn't met, he acknowledged that **price predictions are a fool’s game** and admitted, "Bitcoin helped to humble me." Nevertheless, he continues to invest in Bitcoin personally and professionally.

By 2023, Pompliano's outlook grew more optimistic, stating on CNBC's **Last Call** that **Bitcoin and the crypto industry are not going anywhere**. He pointed out Bitcoin's cyclical nature and historical resilience, which he believes will lead to a rally due to the upcoming **2024 Bitcoin halving**, increased media attention, institutional interest, and potential **Bitcoin ETF approvals**.

### Institutional Interest
Pompliano observed a significant increase in institutional appetite for Bitcoin in 2024, with major Wall Street firms investing heavily. He remarked, "Wall Street doesn't just like Bitcoin. They love Bitcoin," referencing substantial inflows into Bitcoin ETFs from firms like **BlackRock** and **Fidelity**.

![Benzinga Future of Digital Assets conference](https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif)

### Future Outlook
Looking ahead, Pompliano envisions Bitcoin potentially reaching between **$100,000 and $200,000** in the next 12 to 18 months, driven by supply-demand dynamics and the upcoming halving event that will constrict Bitcoin's supply. He stated, "If this continues, that we have 12.5 times more demand… this thing's going back to its all-time high. It's pretty much guaranteed."

Additionally, he emphasized Bitcoin's role as a **hedge against inflation** and the devaluation of fiat currencies, positioning it as a crucial component of the global economy. He suggested that Bitcoin's significance could grow during changes in monetary policy, especially with the Federal Reserve's recent interest rate cuts adding liquidity that may benefit the crypto market.

Pompliano remains a key figure in the crypto community, frequently speaking at industry events, including his upcoming appearance at Benzinga’s **Future of Digital Assets** event on **Nov. 19**, where he will explore Bitcoin's trajectory and the impact of global economic policies.

### Read Next
- [Polymarket Bettors Say 60% Likelihood Bitcoin Crosses $100K This Year](https://208.87.240.35/general/sports-betting/24/11/41889838/polymarket-bettors-say-60-likelihood-bitcoin-crosses-100k-this-year?__cpo=aHR0cHM6Ly93d3cuYmVuemluZ2EuY29t)

*Image: Shutterstock*

Bitcoin (CRYPTO: BTC) advocate and Morgan Creek Digital co-founder, Anthony Pompliano on Tuesday expressed unwavering confidence in Bitcoin&#8217;s long-term dominance despite market fluctuations, asserting that the apex crypto is the king of the 

Bitcoin Soars 20% in Just One Week: What's Driving the Surge?

Summary:

Key Drivers of Bitcoin's Recent Surge

What’s Next for Bitcoin?

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Elon Musk Warns of Imminent Financial Crisis: What You Need to Know

Metaplanet's $28 Million Bitcoin Bonanza: A Closer Look at Its Bold Strategy and Stock Slide

Bitcoin, Ethereum, and Ripple: Are Major Pullbacks on the Horizon?

Anthony Pompliano Confident Bitcoin Will Reach $100,000: The Decentralized King of Crypto