Bitcoin soars to record $106,000 on Trump's new statement
Bitcoin surged to a record high of $106,000 on Monday after President-elect Donald Trump said he planned to create a strategic reserve of bitcoin, similar to the Strategic Petroleum Reserve.
Bitcoin surged to a record high of $106,000 on Monday after President-elect Donald Trump said he planned to create a strategic reserve of bitcoin, similar to the Strategic Petroleum Reserve.
Bitcoin, the world's largest and most well-known cryptocurrency, hit a high of $106,533 and was last trading 3.2% higher at $104,462. The smaller cryptocurrency Ethereum rose 1.5% to $3,965, Reuters reported .
Bitcoin and cryptocurrency have been in the spotlight as investors believe the new Trump administration will create a more favorable regulatory environment that will boost sentiment around alternative currencies. Bitcoin is up 192% year-to-date.
"We're going to do something big with cryptocurrency because we don't want China or anyone else — not just China, but others — to take it and we want to be at the forefront," Trump said in an interview with CNBC last week.
Asked if he planned to create a cryptocurrency reserve similar to oil, Trump said: "I think so."
“The next number the market will be aiming for is $110,000. The decline that many were waiting for just didn’t happen because now we have this news,” said Tony Sycamore, an analyst at IG.
According to CoinGecko, as of July, governments around the world held 2.2% of the total supply of bitcoin, with the United States holding nearly 200,000 bitcoins, worth more than $20 billion at current exchange rates. China, the United Kingdom, Bhutan, and El Salvador are other countries with significant amounts of bitcoin, according to the website BitcoinTreasuries.
Bitcoin has surged more than 50% since the November 5 election. According to CoinGecko, the total value of the cryptocurrency market has nearly doubled in the past year, reaching a record high of $3.8 trillion.
Trump, who once called cryptocurrency a scam, supported digital assets during his election campaign, promising to make the United States the “crypto capital of the planet.”
Previously, dev.ua reported on the connection between the record price of Bitcoin and the USA, Japan, and the Russian Federation .
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