Bitcoin Skyrockets Beyond $106K as Trump Eyes Crypto Reserve

Bitcoin surged to a record high of $106,533 after President-elect Donald Trump proposed creating a U.S. bitcoin strategic reserve. The move bolstered the enthusiasm of cryptocurrency investors and sent Bitcoin up by 151% for the year. Meanwhile, concerns over a BTC reserve persist due to potential regulatory and market challenges.

Bitcoin achieved a milestone by surpassing $106,000, ignited by President-elect Donald Trump's suggestion for a U.S. bitcoin strategic reserve similar to the strategic oil reserve. The world's leading cryptocurrency climbed to $106,533, generating excitement among crypto enthusiasts.

Trump's proposal comes alongside a regulatory shift that has buoyed investor confidence, propelling Bitcoin's value by over 151% this year. The inclusion of MicroStrategy in the Nasdaq 100 index further reinforced positive sentiment as more inflows are anticipated for the bitcoin investment firm.

Despite the optimistic outlook, skepticism remains due to possible regulatory and implementation hurdles. Analysts emphasize the need for caution, as President Trump's plans for a strategic reserve evolve and require careful implementation.

(With inputs from agencies.)