In a bid to promote more transparent and supportive regulations for cryptocurrencies, Trump promised during his campaign to change the leadership of the Securities and Exchange Commission (SEC) and create a strategic reserve for Bitcoin in the United States.

New products, such as spot bitcoin exchange-traded funds, have also helped boost institutional investor participation. As of November, these funds had total assets of more than $30 billion, with $6.87 billion in inflows in the past 30 days. BlackRock alone manages 2.3% of the world’s bitcoin, with its holdings through the iShares Bitcoin Trust (IBIT) reaching 500,380 bitcoin as of Dec. 2, worth about $48 billion at current prices.