Bitcoin has surpassed the $108,000 mark, with its price continuing to climb due to market enthusiasm and political influences.
At the time of writing, Bitcoin’s price had reached $108,223, marking a gain of over 2% in the past 24 hours. Since the recent elections, Bitcoin has surged by nearly 60%, largely driven by the pro-crypto stance of Trump’s administration. Trump has promised to create a strategic Bitcoin reserve and nominated Paul Atkins to lead the Securities and Exchange Commission (SEC), replacing the current chairman Gary Gensler, known for his hostility toward digital assets.
Corporate Interest in Bitcoin Grows
Bitcoin’s rise has also been fueled by increased adoption from corporations and institutions. More than 70 publicly traded companies now hold Bitcoin on their balance sheets.
Michael Saylor, Chairman of MicroStrategy, described Bitcoin as the “cyber Manhattan” of the digital age. “Every day is a good day to buy Bitcoin,” Saylor stated, comparing Bitcoin’s value to Manhattan real estate, which is always a solid investment. MicroStrategy began accumulating Bitcoin in 2020 and currently holds 439,000 BTC, worth approximately $46 billion.
Businesses Gain New Tools for Holding BTC
According to James Lavish, Managing Partner at the Bitcoin Opportunity Fund, the new FASB accounting rules now allow companies to hold Bitcoin on their balance sheets without penalties. “This is further legitimization of Bitcoin as a corporate asset,” Lavish added.
MicroStrategy to Join Nasdaq 100
Another positive development is that MicroStrategy will be added to the Nasdaq 100 index on December 23, further boosting market optimism.
Given the current momentum, analysts predict Bitcoin could reach prices between $150,000 and $200,000 by the end of 2025.
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