Bitcoin surged to a record high of $106,488.25 on Monday. This was driven by increased institutional interest following President-elect Donald Trump’s intention to create a U.S. Bitcoin strategic reserve. Trump’s announcement at the New York Stock Exchange on Dec. 12, aiming to maintain U.S. superiority over global rivals, has electrified investors and boosted market momentum.
Republican Senator Cynthia Lummis’ BITCOIN Act, which proposes the U.S. purchase 1 million BTC over five years to address the national debt, further fuels this trend.
Globally, Russia is also considering a Bitcoin strategic reserve after remarks from President Vladimir Putin and suggestions by Finance minister Anton Tkachev. MicroStrategy added 21,550 BTC worth $2.1 billion, increasing its total holdings to 423,650 BTC and getting listed on Nasdaq 100.
The FOMO sentiment among investors is peaking after U.S. Spot Bitcoin ETFs’ significant net inflows. Meanwhile, Bitcoin’s hashrate has hit record highs, with miners’ computational activity skyrocketing and cumulative revenue reaching $71.49 billion.
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