Bitcoin price hits new record high
On Monday, Bitcoin soared to an unprecedented peak exceeding $106,000 after President-elect Donald Trump suggested establishing a U.S. strategic bitcoin stockpile akin to the strategic petroleum reserve.
Reuters reports on this development.
The globe's leading and most recognized cryptocurrency, Bitcoin, achieved a high of $106,533, last trading at $104,462. Simultaneously, Ethereum, a smaller digital currency, increased by 1.5% to reach $3,965.
Bitcoin and cryptocurrencies generally have garnered attention as investors anticipate that the forthcoming Trump administration will foster a more supportive regulatory landscape, thereby enhancing perspectives surrounding alternative currencies. Bitcoin has surged by 192% within the past year.
In the interim, Bitcoin has appreciated by over 50% since the US elections held in November.
“We are poised to undertake something substantial within the cryptocurrency realm… and we aspire to spearhead this initiative,” Trump stated during an interview with CNBC.
When questioned about potential plans to establish a cryptocurrency reserve paralleling the oil reserve, Trump responded: “Affirmative, I believe it’s plausible.”
Data from July indicates that governments worldwide possessed 2.2% of the total Bitcoin supply, with the United States holding nearly 200,000 Bitcoins, valued at over $20 billion at the prevailing exchange rate, according to CoinGecko.
China, the United Kingdom, Bhutan, and El Salvador are among the other nations holding noteworthy quantities of Bitcoin.
Furthermore, other nations are contemplating the creation of cryptocurrency strategic reserves.
Global cryptocurrency trading volume reportedly attained an all-time high of $10 trillion during November.
The surge was propelled by optimism concerning regulatory shifts following Donald Trump's re-election and an overall upturn in risk appetite within financial markets.
