2024-12-16 16:14 |
The latest gains come amid growing optimism around potential U.S. federal policies favoring digital assets, renewed institutional interest, and the possibility that multiple governments may embrace Bitcoin as a strategic reserve.
New Heights and a Possible Strategic Reserve
Earlier on Monday, Bitcoin rose to about $106,533, according to the Brave New Coin Bitcoin Liquid Index, before edging slightly lower and trading near $104,900 by midday. The surge follows recent comments from U.S. President-elect Donald Trump, who indicated that his incoming administration may create a national Bitcoin strategic reserve—akin to the country’s strategic petroleum stockpile. Speaking to CNBC, Trump said, “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”
Trump’s remarks build on earlier hints at a pro-crypto regulatory environment. The president-elect has also proposed appointing crypto-friendly figures to key posts, including nominating Paul Atkins—known for a more open stance on digital assets—to head the Securities and Exchange Commission. Trump’s vision for making the United States a “bitcoin superpower” stands in stark contrast to more reserved views on crypto from the outgoing administration, fueling speculation that the digital asset could see further institutional inflows in the months ahead.
Institutional Backing and Market Enthusiasm
Bitcoin’s soaring price coincides with fresh institutional interest. The recent decision to include MicroStrategy, a company known for holding roughly $41.5 billion worth of Bitcoin, in the Nasdaq 100 index has been viewed as a bullish signal. Michael Saylor, the co-founder and executive manager of MicroStrategy, took to social media to celebrate. Posting an AI-generated image of himself as an astronaut on the moon, he tweeted, “I will see you on the moon. #Bitcoin.” Enthusiastic replies from the Bitcoin community followed, with users saying, “Thank you for bringing us along with you” and “I will see you on Mars. #Bitcoin.”
Saylor’s long-standing bullishness has been a consistent theme. He previously highlighted that all market participants are “competing for $45m in #Bitcoin mined daily,” referencing the approximate daily production of the digital currency. Analysts say Saylor’s messaging, combined with MicroStrategy’s continued Bitcoin acquisitions, may have inspired other institutional investors to follow suit.
Global Shifts and Official Support
Beyond the United States, other governments are reevaluating their reserve assets. Russian President Vladimir Putin recently criticized the U.S. dollar’s politicization, suggesting that countries may increasingly turn to alternative assets such as Bitcoin. “For example, bitcoin, who can prohibit it? No one,” Putin said, signaling broader geopolitical support for digital currencies.
The concept of a U.S. Bitcoin strategic reserve is still theoretical, but the growing chorus of political and financial voices discussing it has stoked enthusiasm. Other factors are also at play. Some analysts point to an anticipated Federal Reserve rate cut of 0.25%, expected on December 18. While the cut is modest, investors see it as part of a more accommodative stance. Should the Fed, however, take a so-called “hawkish” approach and temper prospects for further easing, it may weigh on the cryptocurrency market. Still, many believe the long-term direction for Bitcoin remains positive, bolstered by global liquidity and improving institutional frameworks.
Race to $120,000 and Beyond
Nigel Green, chief executive of financial services firm deVere Group, told The Independent that following Trump’s inauguration, Bitcoin could surge to $120,000, and he now believes “growing investor FOMO (fear of missing out) and increasing institutional investment” may push it as high as $150,000 by mid-2025. Observers like CK Zheng of ZK Square have compared Bitcoin’s current rise to a “Santa Claus mode” rally—one that might be driven by the year-end investment mindset and the broader push of investors who do not want to miss potential further gains.
Still, caution remains. Market participants note that Bitcoin is known for its volatility and historical periods of swift retracement. Rates of adoption, regulatory clarity, and the pace of institutional entry are far from guaranteed. Some analysts have warned of a potential 30% price correction that could follow if profit-taking accelerates or if anticipated policy changes fail to materialize.
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