Cryptocurrencies are gaining amid expectations that President-elect Donald Trump will favor digital currencies during his time in the White House
ADVERTISING
According to Marketwatch, the price of Bitcoin reached $107,487 (€102,429.74) on Monday, a new all-time high. The king of cryptocurrencies has gained more than 50 percent since Donald Trump won the presidential election last month, and its price has increased by around 150 percent year-on-year.
The price of Bitcoin has surged to new records, fueled by ongoing speculation that the US could see a strategic reserve of Bitcoin under President Trumpafter the US Treasury named bitcoin digital gold. The strategic reserve would potentially mean that the United States could accumulate a large amount of this digital currency in the future.
According to CoinDesk, the United States is not the only one considering creating a strategic Bitcoin reserve. Russian lawmakers are considering creating a strategic reserve of Bitcoin, in part to counter the threat of sanctions.
The price of the flagship cryptocurrency was also pushed higher by news that software company MicroStrategy, a buyer of Bitcoin, has been selected to join the Nasdaq 100 technology index, giving the index indirect exposure to Bitcoin through this company which holds over 2 percent of the global supply of Bitcoin, with a value of approximately 42 billion dollars (40 billion euros).
Bitcoin appears to be one of the favorites for 2025
“Bitcoin has gained about 3 percent over the past day, slightly outperforming the broader market,” said Alex Kuptsikevich, chief market analyst at FxPro. “The move into all-time high territory, including the push above $106K, confirms the bullish trend.” The analyst sI expect the price of Bitcoin to increase even more from now on, unless “unexpected news from traditional financial markets halts this rally.”
Others believe mainstream adoption could influence pricing in the new year. “The growing mainstream adoption of Bitcoin is another interesting narrative to expect in the new year,” said Chris Crawford, Managing Partner of Crawford Fund Management.
“Man mano che financial advisors and institutions integrate Bitcoin into their portfolios, Bitcoin’s algorithmically finite supply, combined with multiple sources of demand growth, could encourage further price increases, offering potential gains in digital assets.”
A 2025 forecast from Presto Research, the research arm of algorithmic trading firm Presto, claims that institutions will participate in the market more significantly in the coming yearas Marketwatch reports. The report suggests that Bitcoin could reach $210,000 (200,119.50 euros) next year, thanks to growing adoption by institutions and improving market fundamentals.
Disclaimer: This information does not constitute financial advice; Always do your research to ensure they are right for your specific circumstances. We also remember that ours is a journalistic site and that our goal is to provide the best guides, suggestions and advice from experts. If you rely on the information contained on this page, you do so at your own risk.
Related News :