As Bitcoin BTC/USD nears the $106,000 mark, the probability of the U.S. establishing a strategic Bitcoin reserve has surged to an all-time high of 70%.
What Happened: Well-known venture capitalist and Bitcoin enthusiast Anthony Pompliano shared data indicating a significant increase in the likelihood of incoming president Donald Trump creating a strategic Bitcoin reserve in 2025.
This information was shared as Bitcoin briefly hit the $106,000 mark before experiencing a minor pullback. The cryptocurrency is currently trading at $103,120 per coin, marking a 2.71% decline within several hours.
The speculation surrounding the new presidential administration’s plans to approve the creation of a strategic Bitcoin reserve has been a key factor in the cryptocurrency’s recent price surge.
Another significant factor driving Bitcoin’s price is the upcoming inauguration of President Donald Trump on January 20.
Also Read: Analyst Warns of Bitcoin’s Uncertain Future Amid Key Support Breakdown: ‘It Could Get Ugly’
The Department of Justice (DOJ) has also recently received court permission to sell 69,370 BTC seized from a Silk Road hacker in 2020.
The sale could net the US government over $7 billion, but many in the crypto community hope President Trump will prevent the sale and retain the Bitcoin for the proposed strategic reserve.
Why It Matters: The establishment of a strategic Bitcoin reserve by the US government would be a significant endorsement for the cryptocurrency, potentially driving its value even higher.
The move would also mark a shift in the government’s stance towards cryptocurrencies, which have been viewed with skepticism by some regulators.
The potential sale of the seized Bitcoin by the DOJ could also have a significant impact on the market. If the sale goes ahead, it could flood the market with Bitcoin, potentially driving down the price.
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