In an exciting development, Bitcoin has hit the $108,000 level and is currently trading at $108,223, up over 2% in the past day.
Notably, Bitcoin is up almost 60% since the election, largely driven by Trump’s incoming administration’s support for cryptocurrencies, including the President-elect’s promises to create a strategic Bitcoin reserve. Besides, Trump has also nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission, replacing current chair Gary Gensler, who was known for his hostility towards digital assets.
Corporate Adoption Soars
The rising institutional adoption has further added to Bitcoin’s rally. Notably, over 70 public companies now have Bitcoin on their balance sheet. Recently, MicroStrategy chairman Michael Saylor called the cryptocurrency the “Cyber Manhattan” of the digital age. “Every day is a good day to buy Bitcoin,” he noted, stressing that, like real estate in Manhattan, Bitcoin is always a sound investment. Since 2020, MicroStrategy has been accumulating one of the largest corporate Bitcoin holdings in the world and now totals 439,000 BTC, worth around $46 billion
“We have a new crypto and Bitcoin-friendly administration, with discussions underway for a U.S. Bitcoin treasury and also FASB [Financial Accounting Standards Board] rules now allowing companies to hold bitcoin on their balance sheet without penalty,” James Lavish, Managing Partner at Bitcoin Opportunity Fund, noted. “This is further legitimizing Bitcoin as a corporate asset.”
Notably, the number of Bitcoin whales on the network went parabolic ever since Trump
won the US presidential elections. A prominent on chain analyst, Ali Martinez, recently shared that Bitcoin whales bought over 70,000 BTC in the last 48 hours, totaling more than $7.28 billion, adding to the bullish momentum.
Growing Optimism
MicroStrategy recently bought 15,350 BTC for $1.5 billion, raising the company’s total Bitcoin holdings to 439,000 BTC. Other firms like Semler Scientific, Mara Holdings, and Riot Platforms have also intensified their stake in Bitcoin over the past few weeks. Moreover, the incoming president is working on a national Bitcoin strategic reserve.
To top it all, MicroStrategy will be added to the Nasdaq 100 on Dec. 23, which has further increased the optimism. With the growing momentum, analysts predict between $150,000 and $200,000 for Bitcoin by the end of 2025.
