Bitcoin surged to an all-time high of $97,892 on Thursday, driven by optimism surrounding President-elect Donald Trump’s pro-crypto stance. With the digital asset market rallying, Bitcoin’s six-figure milestone seems within reach, marking a historic moment in the cryptocurrency world.
Trump’s Crypto Support Sparks Optimism
The market boom follows Trump’s November 5 election victory and his vocal support for cryptocurrency. His transition team is reportedly considering creating a dedicated White House post for digital-asset policy, signaling a shift from restrictive regulations to a more supportive framework.
“Trump’s support is a game-changer,” said Caroline Mauron, co-founder of Orbit Markets.
The crypto market has gained $900 billion since the election, with Bitcoin leading the charge.
Bitcoin Inches Toward $100,000
Bitcoin’s historic rise has fueled speculation about when, not if, it will reach the $100,000 mark. Analysts view this milestone as a symbolic rebuttal to skeptics who question the asset’s utility.
Tony Sycamore, a market analyst at IG Australia Pty, remarked, “Buyers are strangling the sellers. Demand appears insatiable as Bitcoin edges closer to $100,000.”
Despite the optimism, experts warn that volatility may increase as the psychological barrier nears.
MicroStrategy Doubles Down on Bitcoin
MicroStrategy Inc., the largest publicly traded corporate holder of Bitcoin, has announced plans to increase its Bitcoin purchases. The company raised its convertible senior notes to $2.6 billion to fund additional acquisitions.
With a $31 billion Bitcoin stockpile, MicroStrategy has transformed itself into a Bitcoin treasury powerhouse, bolstering confidence in the digital asset.
Bitcoin ETFs Attract Record Inflows
U.S.-based Bitcoin ETFs have seen an unprecedented inflow of $5.8 billion since Election Day, bringing total assets to $100 billion. This surge highlights growing investor confidence and the increasing mainstream acceptance of cryptocurrency.
Mauron described the $100,000 level as a “huge psychological milestone,” emphasizing its significance for both institutional and retail investors.
A Shift from Crackdowns to Support
Under Trump’s leadership, the crypto industry anticipates a departure from the regulatory crackdowns of 2022. During that time, high-profile collapses like the FTX exchange and enforcement actions by the SEC shook the market.
Trump’s promises include building a supportive regulatory framework and establishing a strategic Bitcoin reserve. While details remain unclear, his pivot from a crypto skeptic to a supporter has reignited hope among digital-asset advocates.
Challenges Remain Despite Optimism
While enthusiasm is high, some remain cautious about the feasibility of Trump’s proposals. The volatility of the crypto market and lingering concerns over fraud and money laundering cast shadows over the optimism.
A Bloomberg analysis noted that patterns in Bitcoin options suggest increased volatility as the $100,000 mark approaches.
Bitcoin’s rise to near $100,000 reflects growing optimism about the future of cryptocurrency under a Trump-led administration. With supportive policies and institutional interest at an all-time high, the digital asset market stands on the brink of a historic moment.The crypto market’s rapid growth is reshaping perceptions of Bitcoin as a legitimate store of value. As regulations evolve, the world watches to see if the digital gold can hit the six-figure milestone.
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