BTC is posting new all-time highs amid renewed expectations that the United States will establish a strategic Bitcoin reserve under President-elect Donald Trump.
On Sunday morning, the price of Bitcoin tagged a record high of $106,352, according to data from CoinGecko. BTC has since pulled back roughly 1% to last change hands for $105,100.
Bitcoin ranks as the 17th strongest top 100 cryptocurrency over the past seven days with a 6.1% gain after rising 3.4% over 24 hours.
BTC’s bullish momentum comes after Trump told CNBC he expects to create a strategic Bitcoin reserve. When asked about a possible reserve, Trump replied “Yes, I think so.”
Trump again warned that failing to embrace Bitcoin could place the United States at a disadvantage behind rival nations in the arena of cryptocurrency. "We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead," Trump said.
The comments come after Trump pledged to create a “strategic national Bitcoin reserve” while campaigning in July. With Trump also promising not to sell any of the 212,847 BTC ($22.3 billion) Bitcoin the U.S. government has obtained through law enforcement actions, it is unclear whether the reserve would comprise the seized Bitcoin, or necessitate the purchase of additional BTC from the market.
Several U.S. states are moving to invest in Bitcoin as part of their reserve asset strategy. Last week, lawmakers in Texas and Alabama introduced bills calling on the states to create Bitcoin reserves, following the introduction of a similar bill in Pennsylvania one month ago. The state pension funds of Michigan and Wisconsin invested in digital assets during 2024, with Florida planning on doing the same.
There are also growing calls from lawmakers across the globe for governments to establish Bitcoin reserves.
On Dec. 13, Satoshi Hamada of Japan’s Party to Protect the People From NHK submitted a question to the government “regarding the creation of a reserve fund for cryptoassets.” The news followed similar moves in Russia last week and Argentina last month.
