Bitcoin prices surged to more than $105,000 on Friday, driven by encouraging economic data and reports of potential government support. The world’s largest cryptocurrency token is up over 15% from its two-month low, with other major assets such as ether, XRP, and Solana also seeing significant gains.
The rally comes ahead of President-elect Donald Trump’s inauguration, when he plans to sign an executive order designating crypto a national priority and establishing a crypto advisory council. The report suggests that a national bitcoin stockpile could be part of the order, which would allow the federal government to buy and sell bitcoin.
This development has accelerated investor enthusiasm for cryptocurrency, with market capitalization rising by $400 billion since Monday. Bitcoin accounts for 54% of the global crypto market, worth over $2 trillion, making it one of the largest assets in the world.
Analysts note that the national bitcoin stockpile poses several challenges, including who would oversee the reserve and how it may affect the US dollar’s strength. However, some analysts remain bullish on Bitcoin, with a price target of $200,000.
The Trump administration’s support for cryptocurrency has the potential to boost investor confidence and drive further gains in the market.
Source: https://www.forbes.com/sites/dereksaul/2025/01/17/trump-bullishness-pushes-bitcoin-to-4-week-high-as-crypto-experts-push-for-stockpile-on-day-one