Bitcoin jumped to a record high above $106 000 after US President-elect Donald Trump said he planned to create a strategic reserve of Bitcoin in the US, similar to the strategic oil reserve.
Reuters writes about this.
Bitcoin, the largest and most famous cryptocurrency in the world, reached a high of $106 533, and as of 8:00 AM, it had dropped to $105 000.
“We are in blue sky territory. The next number the market will be aiming for is $110k. The pullback that many were waiting for just didn’t happen because now we have this news,” says Tony Sycamore, lead financial analyst at IG Australia Pty.
Bitcoin and cryptocurrency have been in the spotlight as investors bet that the new Trump administration will create a more favorable regulatory environment that will improve 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 to [get ahead of us] — not just China, but others are embracing it — and we want to be at the forefront,” Trump said in an interview with CNBC.
Asked if he planned to create a cryptocurrency reserve similar to oil, Trump said: "I think so."
According to CoinGecko, as of July, governments around the world owned 2.2% of the total supply of Bitcoin, with the United States owning nearly 200 000 Bitcoins worth over $20 billion at current exchange rates.
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