Bitcoin Reaches New All-Time High of $109,558 Amid Reserve Speculation
Bitcoin reached a new all-time high of $109,558 during early Asian trading hours, coinciding with President Trump's inauguration. This surge is linked to speculation regarding the establishment of a Strategic Bitcoin Reserve (SBR) through an executive order shortly after he takes office.
Key Developments
- Speculation about a US Bitcoin reserve has increased, with Polymarket showing a 59% probability of formation within Trump's first 100 days.
- Trump previously campaigned on transferring seized Bitcoin into a government reserve.
- Meetings between influential Bitcoin advocates and the incoming administration have fueled these rumors.
- Senator Cynthia Lummis supports the SBR initiative and is working on comprehensive digital asset legislation.
- MicroStrategy Chairman Michael Saylor attended meetings with Trump administration members, sharing optimistic sentiments about Bitcoin's future.
- Fred Thiel, CEO of MARA Holdings, was seen engaging with the incoming Secretary of Defense, indicating the administration's openness to Bitcoin.
- Market analysts expect significant developments in the coming weeks related to Bitcoin and the new administration.
- At press time, Bitcoin was trading at $108,182.
