Bitcoin price soared to a record $106,500 during early Asian trading on Monday, fueled by President-elect Donald Trump’s announcement about creating a U.S. Bitcoin Strategic Reserve.
This initiative mirrors the nation’s strategic oil reserve, significantly shifting the government’s stance on cryptocurrency. According to Coinmarketcap data, Bitcoin last traded at $104,827 after hitting the all-time high mark.
While Ethereum, the second-largest digital asset, rose nearly 3% to $4,014. Market analysts are optimistic, with Tony Sycamore of IG saying, “We’re in blue sky territory here. The next target is $110,000.”
In a CNBC interview, Trump revealed his vision for U.S. dominance in crypto: “We don’t want China or anybody else – not just China but others are embracing it – and we want to be the head.”
Other nations, including Russia, are also exploring crypto reserves. Russian President Vladimir Putin recently criticized reliance on foreign currencies, emphasizing cryptocurrency’s potential. “Bitcoin—no one can prohibit it,” he stated.
The crypto market has surged since Trump’s election victory on November 5, with its total value nearing $3.8 trillion. Trump’s pro-crypto administration is currently taking shape, with former PayPal executive David Sacks named as the White House AI and crypto czar.
MicroStrategy, a major Bitcoin investor, also made headlines, joining the Nasdaq-100 Index after its shares soared sixfold this year, reaching a market value of nearly $94 billion. All these news are pushing the Bitcoin buying spree ahead to masses.
As Bitcoin’s momentum grows, investors and governments alike are taking note of its transformative potential.
Also Read: Trump’s Bitcoin Reserve Could Surpass $16T Like Oil
