Bitcoin surges above US$106,000 on strategic reserve hopes
Bitcoin has surged more than 50 per cent since the November 5 election that saw Trump elected along with many other pro-crypto candidates
Bitcoin surged to a record high above US$106,000 in early Asian trade on Monday, boosted by comments from president-elect Donald Trump that suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin, the world’s biggest and best known cryptocurrency, hit a high of US$106,533 and last traded at US$105,688.
“We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG. “The next figure the market will be looking for is US$110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”
“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: “Yeah, I think so.”
Other countries have also been considering cryptocurrency strategic reserves.
