Bitcoin Surpasses $100,000 Milestone as Trump Congratulates Holders
Bitcoin (#BTC) price has gained significant attention from global investors after surpassing the $100,000 milestone for the first time since inception. The coin surged over 8 percent in the past 24 hours, trading at approximately $103,541 on Thursday, December 5, during the early New York session.
Rising demand for Bitcoin is reflected in the total futures open interest (OI) exceeding $66 billion for the first time. Institutional investors, led by MicroStrategy Inc., have continued to accumulate more BTC, with BlackRock’s IBIT making substantial daily purchases recently.
Trump Reassures Commitments to Bitcoin and Crypto Industry
As Bitcoin holders celebrate the rally beyond $100k, US President-elect Donald Trump posted a congratulatory message on Truth Social. Trump emphasized his commitment to collaborate with the crypto industry to enhance the country’s prospects.
The post garnered attention from the crypto community as the US prepares to establish a strategic Bitcoin reserve. Michael Saylor, founder of MicroStrategy, stated that the United States would benefit significantly from a Bitcoin president in the future.
According to previous reports, Dennis Porter, through the Satoshi Action Fund, is collaborating with 11 states to legislate a strategic Bitcoin reserve. Additionally, Trump plans to create a Bitcoin stockpile using the 188,000 BTC seized from the Silk Road marketplace.
A Bitcoin bill introduced by Cynthia Lummis, US senator for Wyoming, proposes that the US government purchase 1 million BTC over the next five years and hold them for at least 20 years. Lummis believes a strategic Bitcoin reserve could alleviate the burden on American taxpayers by addressing the rising debt exceeding $36 trillion.
Bigger Picture
The adoption of Bitcoin as a hedge against inflation and fiat devaluation is anticipated to increase as more nation-states implement strategic BTC reserves. Fed Chair Jerome Powell remarked that Bitcoin is akin to digital gold and is not competing with the US currency.
As a result, Bitcoin's market cap is expected to rise significantly, potentially surpassing major tech companies and gold. The entire cryptocurrency industry is anticipated to grow alongside Bitcoin as investors diversify into alternative coins.
Currently, the total crypto market cap stands at around $3.89 trillion, having overtaken Apple Inc., which has a market cap of about $3.67 trillion.