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Bitcoin jumped to a fresh high above $107,000 on Monday as crypto bulls were left giddy with excitement after President-elect Donald Trump floated the possibility of setting up a US strategic BTC reserve.
The world’s biggest cryptocurrency hit a record peak of $107,039 and was last trading 3.64% higher at $106,984 at the time of writing.
Bitcoin Surges Past $106K Following Trump’s Proposal for a National BTC Reserve
Bitcoin (BTC) reached unprecedented heights on Monday, with price surging past $107,000 following President-elect Donald Trump’s promise of a national BTC cryptocurrency reserve, sparking renewed enthusiasm in digital asset markets.
Investor sentiment was boosted with the news that MicroStrategy would join the technology-heavy Nasdaq 100 index, a move expected to spur more inflows for the software company turned Bitcoin purchaser.
Bitcoin has jumped 151% this year.
” We’re gonna do something great with crypto because we don’t want China or anybody else- not just China, but others are embracing and we want to be the head,” Trump said recently.
When asked if he would create a crypto reserve similar to oil reserves, Trump said, “Yeah, I think so.”
As of July, governments globally held 2.2% of the coin’s total supply with the United States holding nearly 200,000 BTC at over $20 billion at present values. Among the other large holders are China, the UK, Bhutan, and El Salvador.
Credit: Reuters
Russia has also been considering the idea of strategic cryptocurrency reserves.
Still, not everyone is a believer. Federal Reserve Chair Jerome Powell compared Bitcoin to gold earlier this month.
BTC to $180,000 in 2025? VanEck’s Bold Prediction Shakes Up Crypto
In response to this bullish momentum, VanEck has released its latest Bitcoin price prediction, forecasting that the world’s oldest cryptocurrency could hit $180,000 by 2025.
As Bitcoin continues its impressive rise, VanEck has shared ambitious projections for the cryptocurrency market in 2025. These include significant highs followed by consolidation.
VanEck’s head of digital assets research, Matthew Sigel, further said, “Following this first peak, we would expect a 30% retracement in BTC, with altcoins falling sharper, up to 60%, as the market settles down over the summer.” Sigel said: “A recovery in the autumn then sees the major tokens back to momentum and new ATHs by year-end.”.
To identify potential market tops, VanEck will monitor several key indicators closely. These include high funding rates in futures markets and unsustainable unrealized profits among holders. They will also watch for high market capitalization compared to realized value and declining Bitcoin market dominance. Additionally, increasing signs of speculative fervor in the mainstream will be a critical focus.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors. She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*. Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain's potential, viewing cryptocurrency as one of humanity's most transformative innovations. Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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