Bitcoin hit a new record of $107,000 following statements about a possible U.S. crypto reserve and expected Fed rate cuts.
Strategic Reserve Plans
Bitcoin is up 151% for the year. Donald Trump announced plans to 'do something great with crypto,' including a potential reserve, similar to the oil reserve. Countries like China, UK, Bhutan, and El Salvador already have significant bitcoin holdings.
Countries Exploring Alternatives
Russian President Vladimir Putin pointed out the weakening role of the U.S. dollar as the global reserve currency, prompting countries to explore alternatives like cryptocurrencies. Chris Weston, head of research at Pepperstone, stressed caution on a crypto reserve, as immediate measures are unlikely.
Bitcoin Hits Another Milestone
The cryptocurrency market has doubled this year to $3.8 trillion. Bitcoin's Energy Value SMA reached $100,000, as predicted by Capriole Investments' Charles Edwards. Investors expect Fed rate cuts, which could further boost Bitcoin prices.
Bitcoin continues to capture investor attention with record prices and global crypto reserve plans. Potential Fed rate cuts may fuel further Bitcoin price increases.
