{"id":28721,"date":"2024-12-16T08:22:03","date_gmt":"2024-12-16T08:22:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28721"},"modified":"2024-12-16T08:22:03","modified_gmt":"2024-12-16T08:22:03","slug":"bitcoin-hits-record-106k-as-trump-teases-us-bitcoin-strategic-reserve-plan","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28721","title":{"rendered":"Bitcoin Hits Record $106K As Trump Teases US Bitcoin Strategic Reserve Plan"},"content":{"rendered":"

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surged to a historic high above $106,000 on Monday, 16 December 2024, following remarks by President-elect Donald Trump, who hinted at plans for a US Bitcoin strategic reserve akin to the nation\u2019s strategic oil reserve. <\/p>\n

The announcement ignited a bullish surge among investors, pushing the world\u2019s most valuable cryptocurrency to a record high of $106,533 before settling at $104,462, marking a 3.2% gain for the day.<\/span><\/p>\n

Ethereum (ETH), the second-largest cryptocurrency, also saw gains, climbing 1.5% to $3,965.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best Decentralized Exchanges for September 2024\u00a0<\/span><\/a><\/strong><\/p>\n

Bitcoin Next To Hit $110,000<\/span><\/h2>\n

Tony Sycamore, an analyst at IG, <\/span>told Reuters<\/span><\/a> that \u201cwe\u2019re in blue sky territory here.\u201d He claimed <\/span>that the<\/span> \u201cnext figure the market will be looking for is $110,000.\u201d<\/span><\/p>\n

\u201cThe pullback that <\/span>a lot of<\/span> people were waiting for just didn\u2019t happen, because now we\u2019ve got this news,\u201d Sycamore said.<\/span><\/p>\n

Investor sentiment was further boosted by MicroStrategy\u2019s inclusion in the tech-heavy Nasdaq 100 index. The software company, which has become one of the largest institutional holders of Bitcoin, is expected to see increased inflows, reinforcing market confidence.<\/span><\/p>\n

Trump\u2019s statements have reignited investor optimism for a more favorable regulatory stance on cryptocurrencies. Speaking to CNBC, Trump declared, <\/span>\u201cWe\u2019re gonna do something great with crypto because we don\u2019t want China or anybody else \u2013 not just China but others are embracing it \u2013 and we want to be the head.\u201d<\/p>\n

When asked about the possibility of a Bitcoin reserve, Trump replied, \u201cYeah, I think so.\u201d<\/span><\/p>\n

Global governments currently hold around 2.2% of Bitcoin\u2019s total supply, according to CoinGecko. The US reportedly possesses close to 200,000 Bitcoins, valued at over $20 billion at present prices. <\/span><\/p>\n

Michael Saylor calls on the US Government to sell all of its gold and buy #Bitcoin<\/a>. pic.twitter.com\/G25G6uXHOf<\/a><\/p>\n

\u2014 Watcher.Guru (@WatcherGuru) December 15, 2024<\/a><\/p>\n\n

Other notable holders include China, the UK, Bhutan, and El Salvador, according to data from Bitcoin Treasuries.<\/span><\/p>\n

Talk of cryptocurrency strategic reserves is not new. Russian President Vladimir Putin recently criticized the US for weaponizing the dollar\u2019s reserve status, pushing other nations to explore alternatives like Bitcoin.<\/span><\/p>\n

Skepticism remains, however, with US Federal Reserve Chair Jerome Powell comparing Bitcoin to gold. Analysts, too, caution that a US Bitcoin reserve would be complex to implement. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best Bitcoin Mining Pools in 2024<\/span><\/a><\/strong><\/p>\n

Texas Proposes Creating Bitcoin Reserve<\/span><\/h2>\n

Last week, Texas <\/span>introduced a new bill<\/span><\/a> to establish a strategic Bitcoin reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin\u00a0held in reserve for at least five years.<\/span><\/p>\n

Pennsylvania was the first state to introduce a strategic Bitcoin reserve bill in November, while other states, including Oklahoma, Louisiana, Montana, and Arkansas, have enacted laws protecting the rights to mine, self-custody, and conduct peer-to-peer Bitcoin transactions.<\/span><\/p>\n

Wyoming Senator Cynthia Lummis has also proposed legislation to create a federal Bitcoin reserve.<\/span><\/p>\n

On the network side, Bitcoin\u2019s hashrate has reached unprecedented levels, signaling a surge in mining activity. Data from Glassnode shows the hashrate soaring from 128 EH\/s to over 804 EH\/s in 2024, with 37% of total computational activity occurring this year alone. <\/span><\/p>\n

The increased security has enabled Bitcoin miners to generate a cumulative $71.49 billion in revenue.<\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

The post Bitcoin Hits Record $106K As Trump Teases US Bitcoin Strategic Reserve Plan<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Price Trading volume in 24h <!– ? –> Last 7d price movement Buy Now! surged to a historic high above $106,000 on Monday, 16 December 2024, following remarks by President-elect Donald Trump, who hinted at plans for a US Bitcoin strategic reserve akin to the nation\u2019s strategic oil reserve. The announcement ignited a bullish surge […]<\/p>\n","protected":false},"author":0,"featured_media":28722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28721"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28721"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28722"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}