Bitcoin surged to an all-time high of $105,142 during early Asian trading on Monday, Dec. 16, fueled by President-elect Donald Trump’s comments about creating a U.S. Bitcoin Strategic Reserve, similar to the nation’s oil reserve. The leading cryptocurrency last traded at $104,609, maintaining its upward momentum.

Trump’s Bitcoin Comments Spark Market Optimism
Over the weekend, news broke that Trump intends to establish a Bitcoin strategic reserve fund, a move that boosted market confidence. According to Tony Sycamore, an analyst at IG, this announcement placed Bitcoin firmly in “blue sky territory.”

“The next target for the market will be $110,000,” Sycamore explained. “The much-anticipated pullback didn’t materialize because of the optimism surrounding this news.”

Bitcoin’s meteoric rise comes on the heels of the Nov. 5 election, which saw Trump elected alongside a wave of pro-crypto candidates. Since then, Bitcoin has soared by more than 50%, reflecting strong investor enthusiasm for cryptocurrency-friendly policies.

Trump’s Vision for Bitcoin and Cryptocurrency
In a recent interview with CNBC, Trump outlined his plans to prioritize cryptocurrency adoption in the U.S.

“We’re going to do something great with crypto,” Trump stated. “We don’t want China or anyone else to dominate this space. The U.S. must take the lead.”

When asked about building a reserve for digital assets similar to the strategic oil reserve, Trump replied: “Yeah, I think so.”

The Role of Pro-Crypto Policies
The cryptocurrency sector played a significant role in shaping this pro-crypto political landscape. The industry reportedly spent over $119 million to support candidates favorable to digital asset regulation and innovation.

Trump further solidified his crypto-focused agenda by naming David Sacks—a former PayPal executive and close associate of Elon Musk—as the White House czar for artificial intelligence and cryptocurrencies. This strategic appointment is expected to enhance the U.S. leadership in the crypto and blockchain sectors.

Bitcoin’s Record-Breaking Run
Bitcoin’s latest surge underscores its growing role as a store of value and a hedge against inflation. Analysts believe the cryptocurrency’s price could continue to climb, with the next resistance level at $110,000.

The market’s optimism reflects not just Trump’s pro-Bitcoin policies but also a broader global trend toward cryptocurrency adoption. Investors remain bullish, betting on Bitcoin’s potential to reshape the financial landscape.

Final Thoughts
Bitcoin’s record-breaking rise to over $105,000 highlights the impact of policy-driven market sentiment. Trump’s pledge to establish a U.S. Bitcoin Strategic Reserve could mark a pivotal moment for cryptocurrency adoption in the United States.

As the U.S. positions itself as a global leader in digital assets, Bitcoin’s price may continue to break records, making it a focal point for investors worldwide.