Bitcoin Reaches New Heights: Plans for Strategic Crypto Reserves Unveiled

The cryptocurrency Bitcoin reached a record high of over 106,000 US dollars during Asian trading on Monday. The reason for the surge is statements by the designated U.S. President Donald Trump, who plans to create a strategic Bitcoin reserve in the U.S., similar to the strategic oil reserves. Bitcoin, the world's largest and most well-known cryptocurrency, climbed to a peak of 106,533 US dollars and was last quoted at 105,688 US dollars. Ether, the second-largest cryptocurrency, also rose by nearly 3% to 4,014 US dollars. "In this area, we are in uncharted territory," explained Tony Sycamore, an analyst at IG. "The next milestone that the market is targeting is the 110,000 US dollar mark. The expected decline has not occurred due to the current news situation." Trump expressed his desire in an interview with CNBC to bring the U.S. to the forefront in the cryptocurrency sector and not to leave the lead to China or other countries. When asked if he wanted to establish a crypto reserve similar to the oil reserves, Trump replied, "Yes." Other countries are also considering establishing strategic crypto reserves. Russian President Vladimir Putin questioned the necessity of holding state reserves in foreign currencies and emphasized the appeal of investments in alternative assets, such as cryptocurrencies. However, there are also critics. Jerome Powell, Chairman of the U.S. Federal Reserve, compared Bitcoin to gold and described it as not a reliable currency or store of value because it is too volatile. Since Trump's election on November 5, Bitcoin has gained over 50%. The total value of the cryptocurrency market has almost doubled this year, reaching a record value of over 3.8 trillion US dollars, according to CoinGecko. Trump also appointed David Sacks, a former PayPal executive and close friend of Elon Musk, as the White House Chief of Artificial Intelligence and Cryptocurrencies. Additionally, the pro-crypto lawyer Paul Atkins is set to become the Chairman of the U.S. Securities and Exchange Commission. Nasdaq announced on Friday that the company MicroStrategy, a significant Bitcoin investor, will be included in the Nasdaq-100 Index following an extraordinary surge in its stock price.