Bitcoin has entered 2026 with a bang, reaching a staggering $34 trillion market capitalization amid a global gold price surge. This has sparked predictions of further gains for the cryptocurrency.
After falling below $100,000 per bitcoin in November 2025, the digital asset has struggled to regain momentum. However, some experts see a “massive” market shock coming, potentially driving prices higher.
BlackRock’s fixed income chief, Rick Rieder, has become a surprise favorite to be named as the next Federal Reserve chair. Rieder has long supported bitcoin, saying it could “take the place of gold” because of its functionality and permanence.
BlackRock has played a key role in Wall Street’s adoption of bitcoin, launching one of the fastest-growing bitcoin ETFs in early 2024. The fund now holds almost 800,000 bitcoins, worth roughly $70 billion.
Fears of currency depreciation have also pushed investors toward gold, which has reached $5,000 per ounce, as well as silver. Rieder has advised holding bitcoin alongside gold for portfolio protection against potential dollar weakness.
U.S. President Donald Trump has praised Rieder, noting he is “very impressive” and among the top candidates to replace Jerome Powell as Fed chair. Market speculation suggests a new Fed chair could cut interest rates sharply in 2026.
Analysts say a politicized Fed and a weaker dollar could strengthen decentralized assets like bitcoin and gold. For investors, this combination represents a long-term bullish case for crypto, even amid current price dips.
Overall, the convergence of BlackRock’s bitcoin push, rising gold prices, and potential Fed changes has created one of the most closely watched moments in crypto markets this year.
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