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Rabat – Bitcoin, the world’s biggest cryptocurrency, reached a record high of over $106,000 on Monday. The surge came after US President-elect Donald Trump suggested creating a national Bitcoin reserve, similar to the country’s strategic oil reserve. This idea has excited investors and boosted confidence in the cryptocurrency market.
The proposal from the incoming Trump administration has sparked speculation about Bitcoin’s future as a reliable store of value. Many investors believe Trump’s approach to cryptocurrencies will be more favorable compared to the current Biden administration and increase confidence in Bitcoin’s growth.
CNBC host Jim Cramer asked Trump at the New York Stock Exchange last week whether he would proceed with such a plan. “Yeah I think so. We’re going to do something great with crypto,” Trump responded.
CBC reported that the president-elect, once a crypto sceptic, is “filling” his administration with pro-crypto advisers to accelerate this push.
Experts believe Bitcoin may face some short-term price adjustments due to profit-taking by investors. However, strong institutional interest and buying momentum suggest further growth in the coming weeks.
Read also: Bitcoin Smashes Through $94,787 Barrier to Set New All-Time High
Bitcoin’s price has increased by over 50% since Trump’s victory in the November presidential election.
This cryptocurrency’s momentum has positively affected other cryptocurrencies. Ethereum, the second-largest cryptocurrency, rose by 1.86% to $3,962.17.
Other major cryptocurrencies, such as Solana, Cardano, Avalanche, and Toncoin, also gained value, climbing between 1.18% and 2.44%. Memecoins like Dogecoin and Shiba Inu saw smaller increases of 1.64% and 0.54%, respectively.
Once disminning Bitcoin as a “scam,” Trump has apparently changed his mind. During his latest interview, he said: “We don’t want China anybody else — not just China but others are embracing it — and we want to be the head.”
