Bitcoin Soars Past $106,000 Amid Hopes of U.S. Strategic Bitcoin Reserve
2024-12-16
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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 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.