Bitcoin Soars Past $106,000 Amid Hopes of U.S. Strategic Bitcoin Reserve

Bitcoin Bitcoin Reserve Donald Trump

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Author Profile

Share

Copied

Last updated: 

December 15, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bitcoin surged to an all-time high above $106,000 on Monday, fueled by speculation that President-elect Donald Trump plans to create a U.S. bitcoin strategic reserve. The cryptocurrency touched $106,533 before settling at $104,512, marking a 3% intraday gain. Ether, the second-largest cryptocurrency, also climbed 1.5% to $3,941.

Market enthusiasm erupted after Trump hinted at a potential bitcoin reserve during a CNBC interview, comparing it to the U.S. Strategic Petroleum Reserve. “We’re gonna do something great with crypto,” Trump said, underscoring the need for the U.S. to lead in the space.

Investor sentiment was further buoyed by MicroStrategy’s impending inclusion in the Nasdaq-100, potentially attracting institutional inflows.

Bitcoin Continues to Rise on Hopes for Pro-Crypto Trump Policies

Bitcoin’s rise reflects optimism that Trump’s administration will foster a crypto-friendly regulatory environment. Since his November 5 election, Bitcoin has jumped over 50%, with the crypto market’s total valuation nearing $3.8 trillion.

Trump’s pro-crypto stance marks a significant pivot from his earlier skepticism. His team has already announced key crypto appointments, including PayPal alum David Sacks as the White House AI and crypto czar and pro-crypto attorney Paul Atkins as the SEC nominee.

Globally, governments are exploring crypto reserves, with the U.S., China, and El Salvador holding substantial Bitcoin stakes. Russian President Vladimir Putin also recently highlighted crypto’s resilience amid declining trust in the U.S. dollar.

Despite the excitement, skeptics urge caution as Bitcoin reserve could take a long time for it to become a reality.

For now, Bitcoin bulls appear firmly in control, as the market continues to embrace the prospect of a U.S.-backed crypto reserve.