Bitcoin has reached an all-time high of $96,650, continuing its surge following the U.S. presidential election. The cryptocurrency gained nearly 5% on Thursday, reaching $96,653 early in Asia, with traders now setting their sights on the elusive $100,000 mark.
The rally is fueled by optimism surrounding the U.S. government’s future stance on cryptocurrencies. Reports suggest that President-elect Donald Trump’s team is exploring the creation of a White House position specifically focused on cryptocurrency policy. This move reflects Trump’s evolving position on digital assets, transitioning from skepticism to becoming one of Bitcoin’s most prominent supporters.
Corporate Support and Market Growth
The excitement surrounding Bitcoin is also being driven by strong institutional interest. MicroStrategy, the largest corporate holder of Bitcoin, is poised to expand its holdings further, launching a $2.6 billion convertible senior note offering. With $31 billion in Bitcoin assets, the firm has become a key player in the cryptocurrency market.
The digital asset market as a whole has seen significant gains since the Nov. 5 election, adding $800 billion in value, according to CoinGecko. Many advocates view Bitcoin’s meteoric rise as a potential validation of its role as a modern store of value, despite its controversial associations with illicit activities.
Trump’s Support Fuels Bitcoin’s Momentum
As speculation builds over Bitcoin’s path to $100,000, analysts are noting that demand is currently outstripping supply. “Buyers are strangling the sellers,” said Tony Sycamore of IG Australia. However, he cautioned that volatility could still present obstacles as the cryptocurrency inches closer to the $100K threshold.
Trump’s pro-crypto policies are expected to include a supportive regulatory framework, which could help formalize Bitcoin’s place in the global economy. Some have even suggested the possibility of a U.S. Bitcoin reserve. While details remain scarce, Trump’s position aligns with efforts by digital-asset firms to influence policy ahead of the election.
With increasing backing from both governments and major corporations, Bitcoin’s influence on the global financial system continues to grow, captivating both its advocates and critics alike.
Related topics:
Gemini Expands into France as Nation’s Crypto Trust Grows
Binance Clarifies BFUSD Is Not a Stablecoin, Despite High-Yield Claims
