Bitcoin has once again surpassed $107,000 after a 2.2% rise on Wednesday. This surge comes in response to FHFA Director William Pulte directing Fannie Mae and Freddie Mac to adapt their processes for incorporating cryptocurrency holdings as assets in mortgage applications.
Key Points:
- Bitcoin has reached a market value exceeding $107,000, significantly outpacing the CoinDesk 20 index.
- FHFA Director William Pulte has urged Fannie Mae and Freddie Mac to accept cryptocurrencies as part of applicants’ financial assets.
- Bitcoin’s market share has climbed to 66% of the cryptocurrency market.
The price action reflects a growing recognition of bitcoin’s role among financial assets, as the top cryptocurrency rises in value despite fluctuating market conditions.
The ongoing dominance of BTC has increased sharply from 39% in November 2023, indicating a strong investor confidence in crypto assets, spurred notably by regulatory considerations that support integrating cryptocurrencies into conventional financing methodologies.
“This is significant on two fronts,” tweeted Matt Cole, CEO of Strive. “It simplifies the process for bitcoin holders wishing to buy homes without liquidating their assets. Further, it demonstrates the U.S. government acknowledging Bitcoin risk on its balance sheet, given the implicit backing of Fannie and Freddie by the government.”
The latest discussions surrounding housing finance policies and their allowance for cryptocurrency may also correlate with rising confidence in broader market trends, including geopolitical events impacting economic outlooks.
