Summary:
Bitcoin hits a new all-time high following Trump's federal reserve plan.
Price surged over $106,000, pushing market cap above $2 trillion.
Trump aims to make the US the 'bitcoin superpower'.
Putin raises concerns over reliance on the US dollar, promoting cryptocurrencies.
Predictions suggest bitcoin could reach $150,000 by mid-2025.
Bitcoin Reaches New All-Time High
The price of bitcoin has hit a new all-time high following US President-elect Donald Trump's confirmation of plans to establish a BTC federal reserve. This surge has pushed the cryptocurrency's market cap above $2 trillion.
On Monday morning, as Trump made his announcement, bitcoin rose nearly 5%, reaching a record price of over $106,000 (£84,000). This is a significant milestone for the world’s leading cryptocurrency.
Trump's Vision for Bitcoin
Trump previously proposed the idea of a bitcoin federal reserve during the Bitcoin 2024 conference in July, where he promised to position the US as the “bitcoin superpower” globally. In an interview with CNBC, he expressed intentions to overhaul regulations and implement favorable policies for cryptocurrency, stating, “We’re gonna do something great with crypto because we don’t want China, or anybody else.”
Global Perspectives on Cryptocurrency
Other nations are also exploring the concept of cryptocurrency reserves. Russian President Vladimir Putin recently commented on the need to hold state reserves in foreign currencies, suggesting that investing domestically is more appealing. He criticized the current US administration for undermining the dollar's status as a global reserve currency, prompting countries to consider alternatives like bitcoin.
Skepticism in the Financial Sector
Despite the enthusiasm, skeptics remain. Federal Reserve Chair Jerome Powell has compared bitcoin to gold, stating it is not widely used as a payment method or a stable store of value, emphasizing its volatility and lack of competition with the dollar.
Market Momentum
Since the election on November 5, which saw Trump and other pro-crypto candidates elected, bitcoin has surged over 50%. The overall cryptocurrency market is now approaching $4 trillion.
Nigel Green, CEO of deVere Group, believes that the stage is set for even greater highs, predicting bitcoin could reach $150,000 by mid-2025 due to growing investor FOMO (fear of missing out) and increasing institutional investments.
This dual momentum is fueling the crypto market’s resurgence and establishing bitcoin as a ‘must-have’ asset in portfolios.
:max_bytes(150000):strip_icc()/WhattoExpectFromBitcoinandCryptocurrencyMarketsin2025-12ed9a9f2e8c42a5b2477933ea62fe0d.jpg)
Comments