Bitcoin's price surpassed $97,000 for the first time as the digital asset sector attempts to consolidate its influence with US President-elect Donald Trump, by lobbying him to create a new White House position dedicated to cryptocurrency policy.
Accordingly, the world's largest cryptocurrency rose by more than 2% and reached a record high of $97,002 at 12:15 PM on November 21st in the Singapore market. Data from CoinGecko shows that the entire cryptocurrency market has recorded an increase of approximately $900 billion since Trump's victory on November 5th.
The biggest factor driving bitcoin's dramatic surge is the news that Trump's team is discussing whether to create a dedicated cryptocurrency role. The industry is suggesting this position would have direct access to the President-elect, who is one of the biggest voices in support of cryptocurrencies.
Mr. Trump has pledged to create a legal framework to support cryptocurrencies in the US and establish a strategic bitcoin reserve. However, the timeline for fulfilling his promises and the feasibility of the bitcoin reserve remain unclear.
Nevertheless, the aforementioned discussions remain the latest impetus for digital asset market sentiment, along with MicroStrategy Inc.'s plans to accelerate bitcoin purchases and the launch of options contracts on bitcoin ETFs.
MicroStrategy, the publicly listed company holding the most bitcoin, announced on November 20th a plan to increase the amount of high-value convertible bonds sold by nearly 50% to $2.6 billion to finance its bitcoin purchases.
This once little-known software company now calls itself a “bitcoin treasury” and holds approximately $31 billion in these digital assets.
Speculators are increasingly focused on whether bitcoin can continue its breakout to $100,000. Supporters of bitcoin's role as a modern store of value see this six-figure milestone as a symbolic rebuttal to skeptics who argue that cryptocurrencies have little practical value and condemn their association with money laundering and crime.
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