Bitcoin Nears $100,000 Mark as Senior Marketing Manager at Fold Explains the Forces Behind the Unprecedented Surge

Co-Host of Altcoin Daily, Austin Arnold, sat down with Brian Harrington, Senior Marketing Manager at Fold, to delve into what's driving this unprecedented surge.

Bitcoin continued its rally this week, coming within 10% of the $100,000 mark and sparking speculation about the forces behind this surge.

Altcoin Daily co-host Austin Arnold sat down with Fold senior marketing manager Brian Harrington to discuss what’s driving the cryptocurrency’s historic rise.

“Bitcoin is better than fiat money,” Harrington asserted, highlighting that this fundamental truth has been driving the cryptocurrency for 16 years. “More and more people are realizing that every single day, and that’s what’s driving the rally.”

Arnold pressed further, asking about recent events that may have impacted the market. He mentioned President-elect Donald Trump’s call for a strategic bitcoin stockpile and asked whether this could be part of the so-called “Trump pump.” Harrington acknowledged the impact but was hesitant to attribute the rally solely to Trump.

Harrington contrasted Trump’s public use of an open-source currency with the Federal Reserve’s private decision-making on interest rates. “Those two things, just being so separate from each other is so huge,” he said. The Fed, of course, publishes minutes from its meetings and comes to interest rate decisions by committee. Last week, Fed Chair Jay Powell said he would not let President Trump pressure him to step down.

Harrington concluded that while rising exchange rates can create a self-fulfilling prophecy, he believes the rally is ultimately driven by bitcoin’s utility as a superior form of money. “It’s all grounded in bitcoin being useful as money and better money than the leading closed-source monetary policy money — dollars.”