Summary:
Bitcoin surges above $106K amid hopes for a strategic national Bitcoin reserve under Trump.
Senator Cynthia Lummis hints at positive news, causing Bitcoin's price to jump significantly.
Lummis emphasizes the need for bipartisan legislation to support digital assets and the U.S. dollar.
Bitcoin reaches a high of $106,732, reflecting a 3% daily increase and nearly 7% weekly increase.
Only 42% of bettors expect a national Bitcoin reserve to be established in the first 100 days of Trump's presidency.
Bitcoin's Remarkable Surge
Bitcoin is experiencing a significant upswing, soaring above $106,000 as speculation grows around a potential strategic national Bitcoin reserve under President Donald Trump. Early Thursday, Bitcoin was trading between $101,000 and $102,000 when Senator Cynthia Lummis, a prominent advocate for Bitcoin, hinted at exciting news on social media.
Lummis tweeted, "Big things are coming," prompting immediate market reactions. Bitcoin's price jumped to over $105,000, dipped slightly, and then climbed to nearly $106,000. Although no formal announcement was made at 10 AM ET, Lummis later revealed her new role as Chair of the Subcommittee on Digital Assets.
In her statement, Lummis emphasized the importance of bipartisan legislation to establish a legal framework for digital assets, which would bolster the U.S. dollar alongside a strategic Bitcoin reserve. Following these developments, Bitcoin reached $106,732, marking its highest price since Tuesday, reflecting a 3% increase for the day and nearly 7% for the week.
Prominent figures in the crypto space, like Changpeng Zhao (CZ), founder of Binance, expressed optimism, stating that a U.S. Strategic Bitcoin Reserve is essentially confirmed. Trump has previously supported the idea of a national Bitcoin stockpile, and several states are considering their own treasury reserves.
Interestingly, only 42% of bettors believe Trump will establish a national Bitcoin reserve within his first 100 days in office, according to Polymarket data.
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