### Bitcoin's Remarkable Ascent

Bitcoin is nearing the **$100,000** milestone for the first time in its history, marking a significant moment for investors and enthusiasts alike. According to insights from **BCA Research**, there's a compelling argument that Bitcoin could potentially **double its value**, reaching the astonishing **$200,000** mark.

### What Does This Mean for Investors?

The projection comes amid a backdrop of increasing institutional interest and adoption of Bitcoin as a legitimate asset class. With the recent surge, many analysts are revisiting their forecasts for the leading cryptocurrency.

### Key Factors Driving the Price Surge

1. **Institutional Adoption**: More companies and investment funds are integrating Bitcoin into their portfolios, signaling a shift in perception.
2. **Inflation Hedge**: As traditional markets fluctuate, Bitcoin is increasingly viewed as a hedge against inflation, attracting more investors.
3. **Technological Advancements**: Improvements in blockchain technology and security are enhancing confidence in Bitcoin's future.

### Conclusion

While the path to $200,000 is not guaranteed, the current trends suggest a bullish sentiment surrounding Bitcoin's future. Investors should remain vigilant and informed as this digital currency continues to evolve and reshape the financial landscape.

Bitcoin is closing in on $100,000 for the first time, but could still double after that, according to BCA Research.

Is Bitcoin on the Brink of Hitting $200,000? Insights from BCA Research

### Ilya Lichtenstein Sentenced for Bitfinex Hack

Ilya Lichtenstein, who **pleaded guilty** to his involvement in the **2016 Bitcoin hack** of the cryptocurrency exchange **Bitfinex**, has been sentenced to **five years in prison**. The **US Department of Justice (DOJ)** announced this decision on Thursday.

Lichtenstein was part of a **money laundering conspiracy** that resulted in the theft of approximately **120,000 Bitcoin** from Bitfinex.

### Couple’s Bitcoin Hack and Laundering Operation Exposed

Court documents reveal that Lichtenstein utilized **advanced hacking tools** to breach Bitfinex’s network. He fraudulently authorized over **2,000 transactions**, transferring **119,754 Bitcoin** to a wallet he controlled. To evade detection, he deleted access credentials and log files from Bitfinex's network.

After the hack, he enlisted the help of his wife, **Heather Morgan**, to launder the stolen funds. The DOJ disclosed that their **laundering scheme** was “particularly sophisticated.” They created **fictitious identities** to open online accounts, automated transactions, and deposited the stolen Bitcoin into various accounts linked to **darknet markets** and cryptocurrency exchanges.

They also engaged in **chain hopping**, converting Bitcoin into other cryptocurrencies to obscure its origin, and utilized **mixing services** to further disguise the illicit funds, even exchanging some stolen Bitcoin for **gold coins**.

On **August 3, 2023**, both Lichtenstein and Morgan pleaded guilty to **one count of conspiracy to commit money laundering**. Lichtenstein was also ordered to serve **three years of supervised release**, while Morgan’s sentencing is set for **November 18**.

### Bitfinex Declared Primary Victim in BTC Theft

Recently, the **US District Court for the District of Columbia** ruled in favor of Bitfinex, affirming the exchange as the sole entity entitled to restitution for the nearly **120,000 BTC** stolen in the hack. This ruling also led the US government to recognize Bitfinex as the **primary victim** of this incident.

Despite this acknowledgment, the government faces challenges in identifying all affected account holders. Plans are underway to utilize the DOJ’s website dedicated to “large cases” to provide essential notices and streamline the claims process for individuals regarding their **financial losses**.

At the time of writing, Bitcoin is trading at **$88,520**, reflecting a **16% increase** over the week, although it has pulled back from its **all-time high** of **$93,250** reached recently.

Ilya Lichtenstein, who pleaded guilty to his role in the 2016 Bitcoin hack of Bitfinex, has been sentenced to five years in prison.

Major Bitcoin Heist: Hacker Sentenced to 5 Years for Laundering $10.5 Billion from Bitfinex

### Cathie Wood's Bold Bitcoin Prediction

**Cathie Wood**, CEO of asset management giant **Ark Invest**, has made a striking prediction regarding the future price of **Bitcoin** (CRYPTO: BTC). She suggests that Bitcoin's price could achieve a **base target of $650,000** by **2030**, and under optimistic circumstances, it might soar as high as **$1.5 million**.

### What Drives This Prediction?
In a recent **interview** with CNBC, Wood, a long-time advocate of Bitcoin, highlighted two key factors contributing to this anticipated price surge:
- **Regulatory relief** expected on the horizon.
- Bitcoin's growing **distinction** from other asset classes.

Wood noted that institutional interest in Bitcoin is intensifying, with asset allocators increasingly recognizing its unique behavior compared to traditional assets. Ark Invest was the first public asset manager to invest in Bitcoin at **$250** back in **2015**, and they maintain an optimistic outlook for the cryptocurrency's future.

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

### The Future Landscape
Wood's prediction aligns with Ark Invest's broader outlook, which anticipates that the **upcoming Donald Trump administration** will provide clearer regulations for the cryptocurrency industry in the U.S. She expressed hope for a more **crypto-friendly SEC** following the end of current SEC Chair **Gary Gensler**'s term, moving away from a framework of "regulation by enforcement". This regulatory clarity could be crucial in attracting further institutional investment.

### Upcoming Events
The influence of **Bitcoin as an institutional asset class** will be a significant topic at Benzinga’s upcoming **Future of Digital Assets** event on **November 19**. 

**Read More:** Ark Invest’s Cathie Wood Joins Call For Strategic Bitcoin Reserve, Gives Thumbs Up To Cynthia Lummis’ Plan.

Cathie Wood, CEO of asset management giant Ark Invest, suggested that Bitcoin&#8217;s (CRYPTO: BTC) price could hit a base target of $650,000 by 2030, with an optimistic scenario reaching as high as $1.5 million<

Cathie Wood Predicts Bitcoin Could Reach $1.5 Million by 2030 - Here's Why

### New York Judge Upholds Bitcoin Mining Operation

A recent ruling in **New York** has allowed a controversial cryptocurrency plant to continue its operations despite state regulators' attempts to close it due to climate impact concerns. The **Greenidge Generation** facility, located in the **Finger Lakes** region, has faced criticism from environmental groups since it began mining **Bitcoin** four years ago.

The facility operates using thousands of energy-intensive computer servers that solve complex equations to generate Bitcoin. It draws power from a former coal-burning plant that was converted to natural gas in **2017**. Previously, in **2022**, the **New York Department of Environmental Conservation** (DEC) denied the plant a necessary air permit, citing its greenhouse gas emissions as incompatible with the state’s climate goals.

However, State Supreme Court Justice **Vincent M. Dinolfo** ruled that the DEC failed to provide Greenidge with a chance to defend itself against the alleged violations, labeling it an “interpretative error” under the law. In a statement, Greenidge celebrated the decision, arguing that it protects local jobs from what they describe as politically motivated overreach.

Conversely, environmental advocates argue that Greenidge is contributing to significant carbon emissions and contaminating nearby **Seneca Lake** with heated water discharges. **Mandy DeRoche**, a deputy managing attorney at **Earthjustice**, emphasized the community's concerns over the facility's negative impact on local resources and vowed to continue fighting for its closure.

The DEC accused the plant of misleading regulators about its operations, stating that it primarily serves its own substantial energy needs rather than contributing to the state's electricity requirements as initially claimed. Meanwhile, Greenidge insists it complies with all permits and is **100% carbon neutral** through various offset programs.

**Yvonne Taylor**, vice president at **Seneca Lake Guardian**, expressed concern over the implications of this ruling for the state's climate initiatives, especially with the potential influence of political changes.

### Key Points:
- New York court allows **Greenidge Generation** to continue operations despite environmental concerns.
- The facility has been criticized for its high greenhouse gas emissions since it began Bitcoin mining.
- The DEC previously denied a required air permit, claiming emissions violated state climate goals.
- Environmental groups are committed to fighting against the mine's operations, citing significant environmental impacts.
- Greenidge claims compliance and asserts it is **carbon neutral** through offsets.

A New York judge has rejected an effort by state regulators to shutter a bitcoin mine over concerns about its greenhouse gas emissions.

Court's Bold Decision: New York Bitcoin Mine Can Keep Operating Amid Climate Controversy

Benzinga readers are optimistic about the future of **Bitcoin** (BTC), especially after it recently achieved multiple **all-time highs**. The latest peak was recorded at **$93,434.36** on November 13, 2024, following a strong performance throughout the year, with Bitcoin trading near these highs.

### The Poll Results
Benzinga conducted a poll asking which cryptocurrency readers believe will see the **biggest price increase by the end of 2025**. Here are the results:
- **Bitcoin**: **40%**
- **Dogecoin**: **36%**
- **Ethereum**: **11%**
- **Pepe Coin**: **8%**
- **Shiba Inu Coin**: **7%**

The strong support for Bitcoin is not surprising, given its significant year-to-date gains and current trading levels.

### Performance Overview
- **Bitcoin**: 
  - Price: **$90,570.10**  
  - 7-Day Return: **+17.4%**  
  - Year-to-Date Return: **+105.2%**  
  - All-Time High: **$93,434.36** on 11/13/24  

- **Dogecoin**:  
  - Price: **$0.3720**  
  - 7-Day Return: **+88.9%**  
  - Year-to-Date Return: **+304.3%**  
  - All-Time High: **$0.7376** on 05/08/21  

- **Ethereum**:  
  - Price: **$3,052.10**  
  - 7-Day Return: **+2.8%**  
  - Year-to-Date Return: **+29.9%**  
  - All-Time High: **$4,891.70** on 11/16/21  

- **Pepe Coin**:  
  - Price: **$0.0000221**  
  - 7-Day Return: **+106.1%**  
  - Year-to-Date Return: **+1,481.9%**  
  - All-Time High: **$0.00002524** on 11/13/24  

- **Shiba Inu**:  
  - Price: **$0.00002429**  
  - 7-Day Return: **+28.7%**  
  - Year-to-Date Return: **+127.6%**  
  - All-Time High: **$0.00002517** on 10/27/21  

Bitcoin and Pepe Coin have recently reached **new all-time highs**, while Dogecoin, Ethereum, and Shiba Inu are still below their 2021 peaks. The community's enthusiasm suggests that Bitcoin might continue to lead the market by the end of 2025, as reflected in the poll results.

*The study was conducted from November 14 through November 15, 2024, with 124 adult respondents.*

*Image: Shutterstock*

Benzinga readers see more gains for Bitcoin (CRYPTO: BTC) after the leading cryptocurrency passed multiple new all-time highs after 

Benzinga Readers Predict Bitcoin's Dominance: Which Cryptocurrency Will Surge by 2025?

In November 2021, **El Salvador’s President Nayib Bukele** captivated a crowd of crypto enthusiasts with his ambitious vision to turn the country into a **Bitcoin paradise**. While some of his grand plans, like a billion-dollar Bitcoin-backed bond and a new crypto city, have yet to come to fruition, Bukele can celebrate a significant achievement: El Salvador's Bitcoin holdings recently surpassed **$550 million**, as tracked by an open-source platform.

Meanwhile, **Bhutan** is also reaping the benefits of its crypto investments. Government-associated wallets have seen their value soar past **$1 billion**, representing over one-third of the country's **GDP**. As digital asset prices have surged post the election of the crypto-friendly **Donald Trump**, advocates are pushing for governments to consider Bitcoin as part of their strategic reserves, akin to oil or gold.

### Bitcoin Economies
According to reports, El Salvador holds nearly **6,000 Bitcoin**, with independent trackers suggesting the number is closer to **6,200**. Unlike larger nations like the U.S., China, and the UK, which possess Bitcoin through legal means, El Salvador has intentionally acquired it as part of Bukele's grand strategy, announced during the **Miami Bitcoin conference** in June 2021.

Although El Salvador's wealth has grown due to its Bitcoin holdings, Bukele's broader vision of adopting Bitcoin as **legal tender** has not fully materialized, with actual usage among citizens remaining low. Nonetheless, Bukele has taken to social media to celebrate the country’s Bitcoin success, even posting a triumphant “I told you so” recently.

Bhutan's foray into Bitcoin has been quieter but equally impressive, with its holdings reportedly double that of El Salvador. The country began Bitcoin mining in **April 2019**, leveraging its **hydroelectric resources**. Bhutan's sovereign investment arm, **Druk Holding & Investments**, confirmed its entry into the crypto space, with its Bitcoin investments surfacing in bankruptcy documents from failed platforms like **BlockFi** and **Celsius**.

As of September, blockchain analytics firm **Arkham** began tracking Druk's wallets, which currently hold over **$1 billion** in Bitcoin and smaller amounts of other cryptocurrencies, including **Ethereum**. Both El Salvador and Bhutan exemplify how strategic adoption of blockchain technology can yield significant financial benefits for nations willing to embrace the volatile world of cryptocurrency.

Bhutan and El Salvador have seen their Bitcoin holdings soar beyond $1 billion and $500 million, respectively.

Bitcoin Bonanza: How Bhutan and El Salvador Are Winning Big with Crypto Investments!

Meta has introduced a significant addition to **Horizon Worlds** with the quiet rollout of its **premium digital currency**, **Meta Credits**, available in the **US, UK, and Canada**. This new currency allows users to purchase **in-world digital goods** from creators, including avatar outfits and access keys to premium worlds.

Unlike **Quest Cash**, Meta Credits cannot be used for hardware or accessories; they are exclusively for purchases within **Horizon Worlds**. While this is a notable advancement, it does not mark the official launch of the **Horizon Worlds economy**. Since 2022, Meta has been experimenting with monetization strategies, allowing users to buy digital goods with local currency. However, the introduction of Meta Credits introduces the familiar challenge of obscuring the real-world money being spent.

![Meta Credits](https://roadtovrlive-5ea0.kxcdn.com/wp-content/uploads/2024/11/meta-credits.png)

Users can purchase packs of Meta Credits, with various bonus amounts available. For example, the lowest tier offers 300 Meta Credits for **$3** without any bonus. Currently, Meta Credits are limited to users in the US, UK, and Canada, leaving other regions, such as **Australia, New Zealand**, and much of **Europe**, waiting for access.

Purchases involving Meta Credits require approval from parents or guardians for users aged **10-12**, and the credits are non-transferable between accounts, tying them to individual users. This structure sets **Horizon Worlds** on a path towards establishing a sustainable virtual economy, although it remains to be seen if it can compete with established platforms like **Roblox**, **Rec Room**, or **VRChat**. As the holiday season approaches, we might even see **Meta Credit gift cards** appearing in stores, expanding their use even further.

Meta has added an important puzzle piece to Horizon Worlds, as the company has quietly rolled out its premium digital currency on the social VR platform in the US, UK, and Canada. Roblox has Robux, Rec Room has Tokens, and Horizon Worlds now has Meta Credits, letting users buy in-world digital goods from creators, such as avatar outfits …

Meta Launches New Premium Currency for Horizon Worlds: What You Need to Know

### Bitcoin ETFs in Hong Kong Experience Trading Surge

Surging **bitcoin prices** following the election of **Donald Trump** as the next US president have finally given **Hong Kong’s spot cryptocurrency exchange-traded funds (ETFs)** a significant boost this week. Trading volume surged to a **three-month high**, with about **HK$135 million (US$17.3 million)** changing hands on Tuesday.

On most days since the ETFs launched in April, their total daily trading volume lingered below **US$4 million**. However, the recent increase indicates a growing interest in these financial instruments. 

### Competition with US Crypto Market

The **Asian financial centre’s ambition** to establish itself as a virtual asset hub is now facing increased competition. Trump’s return to the White House has reignited his pledge to make the **US the “crypto capital” of the world**. 

“Historically, the crypto ETFs in Hong Kong were less in the spotlight as most larger institutional investors can simply buy the ones in the US, which are larger and more liquid,” said **Jeff Mei**, chief operating officer of cryptocurrency exchange **BTSE**. 

### Local Demand Rising

The recent surge in interest in Hong Kong indicates a growing demand from **local retail investors, wealth managers,** and **smaller institutional investors** who prefer to have their investments denominated in **Hong Kong dollars**. 

### Bitcoin Price Boom

Bitcoin, the world’s largest cryptocurrency, jumped more than **10 percent** this week, reaching an all-time high above **US$93,000**. The token has gained **35 percent** over the past month as US election polls swung in Trump’s favor, nearly doubling in price so far this year.

![Former president Donald Trump, now present-elect, spoke at the Bitcoin 2024 Conference on July 27 while courting the crypto community on the campaign trail. Photo: AP](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/11/15/bce865f9-fd5f-48ca-840a-1eda0afd08b0_202602b0.jpg)  
*Former president Donald Trump at the Bitcoin 2024 Conference, courting the crypto community.*

The city’s three spot bitcoin ETFs became active trading targets this week, with US$17 million trading hands on Tuesday.

Is Bitcoin on the Brink of Hitting $200,000? Insights from BCA Research

Summary:

Bitcoin's Remarkable Ascent

What Does This Mean for Investors?

Key Factors Driving the Price Surge

Conclusion

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