Bitcoin Breaks $107,000 as Trump Plans to Launch U.S. Crypto Reserve

Bitcoin has soared past $107,000, reaching a record high, following President-elect Donald Trump’s announcement of plans to establish a U.S. bitcoin strategic reserve. This move mirrors the strategic oil reserve and has sparked optimism among cryptocurrency investors.

Late last week, Trump shared with CNBC his intentions to position the U.S. as a leader in the cryptocurrency space, stating, ‘We’re gonna do something great with crypto because we don’t want China or anybody else, not just China but others are embracing it, and we want to be the head.’

This statement has fueled positive sentiment, lifting investor spirits and pushing Bitcoin’s value to new levels.

The cryptocurrency market responded positively, with Bitcoin climbing to $107,148 during Monday’s trading session before settling slightly lower at $106,877, marking a 5.43% increase from Friday. Ethereum, the second-largest digital currency, also saw gains, rising 1.85% to $3,975.70.

Adding to the upbeat mood, MicroStrategy, a software firm that has shifted its focus towards significant Bitcoin acquisitions, was recently added to the Nasdaq 100 index. This inclusion is expected to attract further investments into the company.

Analysts like Tony Sycamore from IG are optimistic about Bitcoin’s prospects, suggesting that the market could soon target $110,000. Sycamore noted, ‘We’re in blue sky territory here. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.’

The latest developments suggest a potential friendlier regulatory environment for cryptocurrencies under the incoming Trump administration, further boosting market confidence as Bitcoin shows no signs of slowing down in 2024.