Bitcoin Surpasses the $77,000 Level for the First Time

Bitcoin, the leading cryptocurrency by market capitalization, has surpassed the $77,000 level for the first time.

Bitcoin price has soared past the $77,000 level for the first time ever.

As of Friday morning, the world’s largest cryptocurrency by market cap hit a new record peak of $77,068, according to CoinGecko data. The bellwether coin has been setting new record highs almost on a daily basis. It is already up by almost 12% over the past week.

The new lifetime peak comes after BlackRock’s iShares Bitcoin Trust ETF (NYSE:IBIT) logged more than $1.1 billion worth of fresh inflows on Thursday. This, of course, marked a new record for the red-hot product.

There are also persistent discussions about Bitcoin potentially becoming a treasury reserve asset in the United States.

As reported by U.Today, CNBC analyst Tom Lee has suggested that Bitcoin could potentially offset the deficit.

In a recent social media post, MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor has predicted that nations will end up adopting Bitcoin as their treasury asset.

"The US has an M2 money supply of $21T, a budget deficit of $3T and a Bitcoin treasury of $0. Bitcoin fully offsets the deficit, creates a sound monetary standard and makes America great again,” he wrote.

However, the much-talked-about proposal to create a strategic Bitcoin reserve in the US, which was put forward by Wyoming Senator Cynthia Lummis earlier this year, is likely to face significant legislative roadblocks.

"Apply proper risk management"

Former Binance CEO Changpang Zhao has also commented on Bitcoin's stunning rally, urging investors to apply proper risk management.

"There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don't put all your eggs in one basket. Ape slowly," he said.

The leading cryptocurrency is currently changing hands at $77,046.