Bitcoin briefly hit a new record high above $106,000 on Monday, following President-elect Donald Trump’s agreement to create a United States Bitcoin strategic reserve similar to the nation’s oil reserve.
Bitcoin Hit New Records
Bitcoin, the world’s leading cryptocurrency, reached a high of $106,488 on Monday as its dominance surpassed 56.2%, with investor sentiment turning bullish.
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The cryptocurrency rose 2.52% in the past 24 hours, driving smaller altcoins higher and lifting the global crypto market cap by 2.18% to $3.69 trillion during European trading hours, according to CoinMarketCap data.
Bitcoin surged as President-elect Donald Trump confirmed plans to establish a US Bitcoin strategic reserve.
“We’re going to do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump stated in his interview with CNBC, further agreeing that the United States may create a Bitcoin reserve similar to its oil reserve.
Earlier in July, Trump promised to create a “strategic national Bitcoin reserve” and predicted Bitcoin could surpass gold’s $16 trillion market value at the Bitcoin 2024 conference.
Bitcoin has risen over 55.4% in the past 60 days, continuing its rally following Trump’s White House victory.
MicroStrategy Keeps Buying Bitcoin
Despite this, MicroStrategy’s Michael Saylor hinted the company purchased more Bitcoin over the weekend, marking its first acquisition with an average price above $100,000.
In a post on X this Sunday, Saylor shared the firm’s portfolio tracker, suggesting a potential purchase, which could indicate the company’s first Bitcoin acquisition above $100,000.
If confirmed, this would follow previous purchases at average prices of $97,862, $95,976, and $98,783 over three Mondays from Nov. 25 to Dec. 9, according to SaylorTracker data.
Under Saylor’s leadership, MicroStrategy became the first publicly traded company to adopt Bitcoin as a reserve asset. It has since accumulated over $36.7 billion in Bitcoin, making it one of the largest corporate holders of cryptocurrency worldwide.
On The Flipside
- While fundamental factors point to potential Bitcoin price gains, key US economic events this week—including PMI, retail sales, the Fed rate decision, GDP revision, and PCE inflation data—could influence short-term price movements.
Why This Matters
If the US accepts Bitcoin as a strategic reserve, it could significantly boost Bitcoin’s legitimacy and demand. This move may also increase its price volatility, driven by broader economic factors and government policies.
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