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Bitcoin continued to break records on Monday as the original cryptocurrency surged to a new all-time high of $107,822, fueled by the growing potential for a strategic national Bitcoin reserve.

The currency, which has consistently hit new highs over the past several weeks, rose 5% from $102,000 on Sunday night to surpass $107,000.

While it is unclear if Lummis’s bill will pass anytime soon, Rudick says, Trump could sign an executive order to prohibit the government from selling off its current Bitcoin holdings—over 200,000 BTC seized from individuals who engaged in illicit activities—adding further legitimacy to the currency as a reserve asset.

“If it seems like the U.S. would go down this route … it could actually create this nation-state-level war for Bitcoin,” Rudick says, suggesting that an array of other countries could start adopting Bitcoin reserves and buying the currency in bulk. “At that point the sky is the limit in terms of where the price could go.”

Of course, countries that either buy or hold Bitcoin run the risk of the currency losing value. El Salvador, the first country to make Bitcoin legal tender, lost $60 million on its Bitcoin bet in 2022. Since then, the currency’s value has rebounded, and El Salvador’s holdings are now worth over $600 million.