Mon Dec 16 03:20:37 UTC 2024: ## Trump’s Crypto Boost Sends Bitcoin Soaring Past $106,000

**New Delhi, December 16, 2024** – Bitcoin surged to a record high exceeding $106,000 on Monday, fueled by President-elect Donald Trump’s suggestion of creating a U.S. bitcoin reserve, mirroring the nation’s strategic oil reserve. The cryptocurrency market capitalization nearly doubled this year, reaching over $3.8 trillion.

Trump’s comments, made to CNBC, indicated a proactive approach to cryptocurrency, emphasizing the U.S.’s need to lead in the crypto space rather than cede ground to China or other nations embracing the technology. He confirmed his intention to establish a crypto reserve when directly asked.

This announcement follows Trump’s appointment of a White House czar for AI and cryptocurrencies, former PayPal executive David Sacks, and the nomination of pro-crypto attorney Paul Atkins to head the Securities and Exchange Commission. Further bolstering the market’s confidence, MicroStrategy, a significant bitcoin investor, was added to the Nasdaq-100 Index, its shares having increased sixfold this year.

The market’s positive response was echoed by analyst Tony Sycamore of IG, who described the situation as “blue sky territory” and predicted further growth towards $110,000. However, the surge isn’t universally welcomed, with Federal Reserve Chair Jerome Powell comparing bitcoin to gold, highlighting its volatility and lack of use as a payment method or store of value.

Internationally, the shift towards cryptocurrencies is gaining momentum. Russian President Vladimir Putin recently questioned holding state reserves in foreign currencies, advocating for domestic investment and citing the U.S.’s use of the dollar for political purposes as a reason for countries exploring alternatives like bitcoin. He pointed out the impossibility of prohibiting bitcoin. The market’s dramatic gains since the November 5th election, which saw a pro-crypto wave sweep through various offices, underscore this global trend.

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