Bitcoin Breaks Out To $108K; Achieves Another Record High Amidst Market Optimism
Excitingly, Bitcoin has hit the $108,000 level and is currently trading at $108,223, up more than 2% in the past day.
Notably, Bitcoin is up nearly 60% since the election, largely due to Trump’s incoming administration’s support for cryptocurrencies, including the president-elect’s pledge to create a strategic reserve of Bitcoin. Additionally, Trump nominated cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission, replacing current Chairman Gary Gensler, who is known for his hostility to digital assets.
Enterprise adoption soars
Rising institutional adoption has further fueled Bitcoin’s gains. It is worth noting that more than 70 listed companies currently include Bitcoin on their balance sheets. Recently, MicroStrategy Chairman Michael Saylor called cryptocurrencies the “cyber Manhattan” of the digital age. “Every day is a good day to buy Bitcoin,” he noted, emphasizing that, like Manhattan real estate, Bitcoin is always a sound investment. Since 2020, MicroStrategy has been one of the largest Bitcoin holders in the world, currently holding a total of 439,000 Bitcoins worth approximately $46 billion
“We have a new crypto- and Bitcoin-friendly government, a U.S. Bitcoin vault is being discussed, and FASB (Financial Accounting Standards Board) rules now allow companies to hold Bitcoin on their balance sheets without penalty,” James Lavish, managing partner at Bitcoin Opportunities Fund noted. “This further legitimizes Bitcoin as a corporate asset.”
Notably, the number of Bitcoin whales on the network has grown parabolically since Trump
Win the U.S. presidential election. Prominent on-chain analyst Ali Martinez recently said that Bitcoin whales purchased more than 70,000 BTC in the past 48 hours, totaling more than $7.28 billion, adding to the bullish momentum.
On top of this, MicroStrategy will be included in the Nasdaq 100 Index on December 23, further adding to the optimism. As momentum grows, analysts predict that the price of Bitcoin will reach $150,000 to $200,000 by the end of 2025.
