Bitcoin has soared past $106,000 after president-elect Donald Trump said he plans to create a national strategic reserve of the cryptocurrency, like the national oil reserve.
Bitcoin hit a high of $106,533 before falling to around $104,000.
“We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG.
“The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”
Donald Trump has given clear signs he intends to make the US the world’s premier nation for cryptocurrency.
Bitcoin broke the hugely symbolic ceiling of $100,000 at the beginning of the month, not long after Trump announced his nomination of Paul Atkins as head of the Securities Exchange Commission. In his announcement, Trump said that Atkins, who previously served as SEC Chairman under George W. Bush, “recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before.”
Trump has since also named David Sacks as his “White House AI and Crypto Czar,” with a broad remit covering everything from online censorship to providing a legal framework that will allow the crypto industry to “thrive.” Sacks is a Silicon Valley tech entrepreneur who was COO of Paypal and founded software company Yammer, which Microsoft bought for $1.2 billion. He is also co-host of the All-In Podcast, one of the most popular tech podcasts in the world.
“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency,” Trump said, “two areas critical to the future of American competitiveness,” Trump wrote on Truth Social.
Bitcoin is now up over 190% since the beginning of the year.
Bitcoin and the Future of Financial Freedom