This week, Bitcoin continued its impressive growth, surpassing the $106,000 mark for the first time. Events amid upcoming political changes in the US have fueled interest in cryptocurrencies and sparked discussions about strategic reserves.
Prolonged Growth of Bitcoin
Two weeks ago, Bitcoin surpassed $100,000 for the first time, reaching a market capitalization of $2 trillion. The new record is attributed to US President-elect Donald Trump's remarks on creating a Bitcoin strategic reserve, akin to their oil reserves. As a result, cryptocurrency has grown by 192% this year.
Political Factors and the Crypto Industry
With the anticipated ease in regulations under the upcoming Trump administration, cryptocurrencies are becoming increasingly attractive to investors. During his campaign, Trump stated that the US should lead in the digital currency development not to be outpaced by other countries showing interest in this field.
Impact on Global Reserves and Economic Policy
Globally, governments like those in the US and China are discussing creating strategic reserves of cryptocurrencies. As the dollar's role weakens, some countries, including Russia, have begun considering alternative assets for reserves. The new economic policy aimed at embracing technology might increase Bitcoin's adoption and institutional investment inflows.
Bitcoin's new record and political changes in the US continue to impact the crypto industry. Experts anticipate Bitcoin will soon reach $120,000, which may foster further interest among both retail and institutional investors in this digital currency.
