Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
President-elect Donald Trump Congratulates Bitcoin Holders for the $100k Milestone
12/05/2024 23:35
Bitcoin hits historic $100K milestone amid surging institutional demand and Trump's support for national crypto strategy.
Key Notes
- Bitcoin price reached $103,541 with an 8% surge, while total futures open interest exceeded $66 billion, indicating strong institutional demand and market confidence.
- Former President Trump expressed support for Bitcoin and crypto industry, with plans to create a strategic Bitcoin reserve starting with 188,000 BTC from Silk Road seizure.
- US Senator Cynthia Lummis introduced a bill proposing government purchase of 1 million BTC over five years, aiming to address the $36 trillion national debt through Bitcoin reserves.
Bitcoin BTC $97 586 24h volatility: 4.9% Market cap: $1.93 T Vol. 24h: $163.58 B price has attracted significant attention from global investors after surpassing the $100,000 milestone for the first time since inception. The flagship coin surged more than 8 percent in the past 24 hours to trade about $103,541 on Thursday, December 5, during the early New York session.
The rising demand for Bitcoin has been evident recently through the notable spike in the total futures open interest (OI) to over $66 billion for the first time. Furthermore, institutional investors, led by MicroStrategy Inc. (NASDAQ: MSTR), have continued to accumulate more BTC. Additionally, BlackRock’s IBIT has been making significant daily Bitcoin purchases.
Trump Reassures His Commitments to the Bitcoin and Crypto Industry
As the Bitcoin holders continue to celebrate the recent rally beyond $100k, US President-elect Donald Trump posted his congratulatory message on the Truth Social platform earlier today. Trump reminded the Bitcoin holders of his commitment to work together with the crypto industry in making the country great again.
— Eric Trump (@EricTrump) December 5, 2024
The post by Trump attracted more attention from the crypto community, as the country prepares to lead in the creation of a strategic Bitcoin reserve. According to Michael Saylor, the founder of MicroStrategy, the United States will significantly benefit from a Bitcoin president in the coming years.
As Coinspeaker previously reported, Dennis Porter through the Satoshi Action Fund is working with 11 states in the United States to legislate a strategic Bitcoin reserve. Moreover, Trump intends to create a Bitcoin stockpile, starting with the 188k BTC seized from the Silk Road marketplace.
According to a Bitcoin bill introduced by Cynthia Lummis, US senator for Wyoming, the United States government needs to purchase 1 million BTC in the next five years and hold them for at least 20 years. Furthermore, Lummis is convinced that a strategic Bitcoin reserve will play a crucial role in easing the burden on American taxpayers by paying off the rising debt of over $36 trillion.
Bigger Picture
The adoption of Bitcoin as a hedge against inflation and fiat devaluation is expected to significantly increase as more nation-states aim to implement a strategic BTC reserve. Furthermore, Fed Chair Jerome Powell noted that Bitcoin is a digital gold and not competing with the United States.
Consequently, Bitcoin’s market cap is expected to rise exponentially over the years to overtake major tech companies and eventually gold. The entire cryptocurrency industry will rise in tandem with Bitcoin as more investors diversify into potentially lucrative altcoins.
As of this writing, the total crypto market cap, which hovered around $3.89 trillion, had overtaken Apple Inc. (NASDAQ: AAPL), which has a market cap of about $3.67 trillion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
