Bitcoin Skyrockets: Trump Eyes Strategic Crypto Reserve

Bitcoin reached a record high, influenced by President-elect Donald Trump's idea of creating a U.S. bitcoin strategic reserve. This proposal sparked interest and debate, leading to a significant surge in cryptocurrency value. The initiative is part of a larger trend towards embracing cryptocurrencies as strategic assets.

In a landmark move, Bitcoin surged past $106,000 early Monday, driven by remarks from President-elect Donald Trump, who revealed plans to establish a U.S. bitcoin strategic reserve akin to the country's oil reserves.

This statement sent shockwaves through the cryptocurrency market, propelling Bitcoin to an all-time high of $106,533 and settling at $105,688. As the market eyes the $110,000 mark, analysts, including Tony Sycamore from IG, note that the anticipated pullback has yet to materialize due to the invigorated confidence in the crypto arena.

Beyond the United States, Russia and other nations contemplate their cryptocurrency reserves, as traditional reserve currencies like the U.S. dollar face scrutiny over political influences. Despite skepticism from figures like Federal Reserve Chair Jerome Powell, who questions Bitcoin's volatility, the digital currency's latest surge since Trump's election is indisputable.

(With inputs from agencies.)