Bitcoin has hit a brand new all-time excessive above $106,000

• Bitcoin reached $106,400 within the early hours of December 16
• The cryptocurrency dealer believes that the following three to 4 weeks will probably be important for Bitcoin if historical past repeats itself
• Traders imagine Bitcoin will attain $120,000 by the tip of 2024

Bitcoin hit a brand new all-time excessive above $106,000 following information that President-elect Donald Trump is contemplating plans to create a U.S. strategic bitcoin reserve.

Within the early hours of Dec. 16, bitcoin surpassed $106,400, in response to information from CoinMarketCap.

At press time, Bitcoin had recovered barely to $104,700. Over the previous 12 months, the worth of the world's largest crypto-asset has elevated by nearly 148%. Bitcoin's earlier excessive was set on December 5, reaching almost $104,000.

Information of Bitcoin's rise comes as Trump introduced that he’s contemplating making a U.S. strategic bitcoin reserve just like its oil reserves. In an interview with CNBC final week, Trump stated:

“We're going to do one thing nice with crypto as a result of we don't need China or anybody else… however others are embracing it and we need to be forward.”

Requested whether or not the US would create a strategic bitcoin reserve, Trump stated: “Sure, I believe so.”

In a submit on X Ash Crypto, he wrote: “Bitcoin is waking up. If historical past repeats itself, the following 3-4 weeks will probably be huge.”

BITCOIN PROMOTES

IF HISTORY REPEATS, ANOTHER 3-4
THE WEEKS ARE GOING TO BE MASSIVE pic.twitter.com/aZwi28ZeTu

— Ash Crypto (@Ashcryptoreal) December 16, 2024

Crypto-friendly administration

The incoming Trump administration is seen as extra crypto-friendly in comparison with Biden's crew.

Throughout his marketing campaign, Trump promised to make America the “crypto capital of the planet.” Since profitable the US election, his crew has already held important conferences, a lot of that are crypto-friendly.

Final week, Trump named Paul Atkins as the following chairman of the US Securities and Alternate Fee (SEC). He’ll exchange Gary Gensler, who’s leaving on January 20, 2025.

Trump additionally appointed David Sacks as a prime coverage adviser on synthetic intelligence and cryptocurrencies, calling him the “AI and crypto czar of the White Home.” In November, Trump introduced that Elon Musk and Vivek Ramaswamy would lead the Division of Authorities Effectivity (DOGE) to “dismantle the federal government forms.”

Chatting with the BBC, Peter McGuire of buying and selling platform XM.com stated:

“Bitcoin's rally for the reason that election has been parabolic, and FOMO – or concern of lacking out – is gaining momentum. Many traders imagine that $120,000 will be reached by the tip of the 12 months, after which in 2025 there’s discuss of over $150,000 by mid-year.