bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Reuters

Bitcoin surged to a record high above US$106,000 in early Asian trade on Monday, boosted by comments from president-elect Donald Trump that suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin, the world’s biggest and best known cryptocurrency, hit a high of US$106,533 and last traded at US$105,688.
“We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG. “The next figure the market will be looking for is US$110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”
“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: “Yeah, I think so.”
Other countries have also been considering cryptocurrency strategic reserves.

Russian President Vladimir Putin earlier this month questioned the need to hold state reserves in foreign currencies, saying that domestic investment of such reserves was more attractive.
Putin said the current US administration was undermining the role of the US dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.
“For example, bitcoin, who can prohibit it? No one,” Putin said.
There are sceptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month.
“People are not using it as a form of payment, or as a store of value. It’s highly volatile, it’s not a competitor for the dollar.”
Bitcoin has surged more than 50 per cent since the November 5 election that saw Trump elected along with many other pro-crypto candidates. The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over US$3.8 trillion, according to data provider CoinGecko.
Trump this month named a White House tsar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission.
On Friday, exchange operator Nasdaq said MicroStrategy will be added to the tech-heavy Nasdaq-100 Index after a meteoric surge in the shares of the bitcoin buyer.
MicroStrategy, an aggressive investor in the world’s largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost US$94 billion. It is now the largest corporate holder of the cryptocurrency.


Central banks forsaking gold for bitcoin would be height of folly

Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge

Why a Trump economic boom is much less likely this time around

Want to be a fintech whizz? Hong Kong’s top universities are offering innovative and cutting-edge MSc programmes, from AI and blockchain to financial analytics and cybersecurity

Cryptocurrency

Bitcoin surges above US$106,000 on strategic reserve hopes

Sparks strike a representation of bitcoin in this illustration picture taken November 24, 2024. Photo: Reuters

An advertisement for bitcoin is displayed on a building in Hong Kong, November 18, 2021. Photo: AP

US bankers cautious about crypto amid expectations of regulatory easing under Trump

A CoinFlip bitcoin ATM seen at a gas station on December 9 in Pasadena, California. Photo: Getty Images via AFP

Goldman Sachs CEO David Solomon speaks during the Reuters Next conference in New York on December 10. Photo: Reuters

Kristin Johnson, commissioner of the Commodity Futures Trading Commission, reacts during the Reuters Next conference on December 11. Photo: Reuters

China selfie app Meitu sells crypto holdings in big payday before bitcoin hit US$100,000

The logo of Meitu displayed at a news conference in Hong Kong on March 24, 2017. The company has struggled for years to monetise its popular photo and video editing apps, but its crypto investments have paid off after a recent price surge. Photo: Reuters

Bitcoin hits US$100,000 for the first time on optimism over Trump crypto plans

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. Photo: Reuters

Donald Trump gives a keynote speech at the Bitcoin 2024 conference, July 27, 2024, in Nashville, Tennessee. Photo: Getty Images/TNS

Tech

Tech Trends

Bitcoin has surged more than 50 per cent since the November 5 election that saw Trump elected along with many other pro-crypto candidates


Bitcoin has surged more than 50 per cent since the November 5 election that saw Trump elected along with many other pro-crypto candidates.


Bitcoin