Bitcoin Surges Past $107,000 as Trump Plans US Strategic Reserve
TLDR
- Bitcoin hit a record high of $107,148 on Monday, extending its gains after US President-elect Donald Trump reiterated plans to establish a US Bitcoin strategic reserve
- Trump told CNBC that his administration would embrace crypto to ensure the US leads the global adoption of digital assets
- The news further fueled optimism in crypto markets, with Ethereum rising 1.85% to $3,975. MicroStrategy, the largest corporate Bitcoin holder, also surged
Bitcoin hit a record high of $107,148 on Monday, extending its gains after US President-elect Donald Trump reiterated plans to establish a US Bitcoin strategic reserve, akin to the nation’s oil reserves. The cryptocurrency, up over 5% for the session, has risen 150% in 2024.
Trump told CNBC that his administration would embrace crypto to ensure the US leads the global adoption of digital assets. “We’re gonna do something great with crypto,” Trump said, emphasizing competition with China and other nations. Governments worldwide hold 2.2% of Bitcoin’s supply, with the US possessing 200,000 Bitcoins, worth over $20 billion, according to CoinGecko.
The news further fueled optimism in crypto markets, with Ethereum rising 1.85% to $3,975. MicroStrategy, the largest corporate Bitcoin holder, also surged as Nasdaq confirmed its inclusion in the Nasdaq-100 Index. Analysts see $110,000 as the next target but caution that implementing a strategic reserve would take time and require careful policy signaling.
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Key Takeaways
Trump’s pro-crypto stance signals a shift in US regulatory attitudes, which contrasts with skepticism from the Federal Reserve. Analysts see the strategic reserve proposal as a symbolic tailwind for Bitcoin but note challenges in execution. Globally, countries like Russia and El Salvador are also embracing crypto. Russian President Vladimir Putin recently highlighted Bitcoin’s resilience, underscoring its role as an alternative asset amid geopolitical shifts. Meanwhile, El Salvador, the first country to adopt Bitcoin as legal tender, continues to accumulate the digital currency as part of its national reserves. The surge in Bitcoin reflects broader investor enthusiasm. The total cryptocurrency market value has doubled in 2024 to a record $3.8 trillion, driven by institutional adoption, pro-crypto policies, and spot ETFs. MicroStrategy’s Nasdaq-100 inclusion underscores growing corporate interest, further legitimizing Bitcoin as a mainstream asset.
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