Bitcoin

Reserve

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.&nbsp; 
This initiative mirrors the nation’s strategic oil reserve, significantly shifting the government’s stance on cryptocurrency.&nbsp; According to Coinmarketcap data, Bitcoin last traded at $104,827 after hitting the all-time high mark. 
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 Bitcoin Price Chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>
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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.”&nbsp;&nbsp; 
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.”&nbsp;&nbsp; 
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.&nbsp;&nbsp; 
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.&nbsp;&nbsp; 
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.&nbsp;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.&nbsp;&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/12/15/trumps-bitcoin-reserve-could-surpass-16t-like-oil/" target="_blank" rel="noreferrer noopener">Trump’s Bitcoin Reserve Could Surpass $16T Like Oil</a> 
</blockquote>

Bitcoin Hits $106K as Trump Hints at U.S Crypto Reserve Plan

The Crypto Times

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