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NRIPage | Articles | Bitcoin Hits Record High on Trump’s Support and MicroStrategy Nasdaq Inclusion | Get Internet & Technology Guidance. Stay Updated on Internet Trends & Tech Innovations - NRI Page
Bitcoin reached an all-time high of $107,791, surpassing its previous peak from December 5, as optimism surrounding President-elect Donald Trump’s support for digital assets and MicroStrategy’s inclusion in the Nasdaq 100 Index fueled the rally. On Monday, Bitcoin surged more than 4.8%, reflecting growing market confidence. This positive momentum was amplified by MicroStrategy’s announcement that it had purchased an additional $1.5 billion in Bitcoin, further solidifying the company's position as one of the largest corporate Bitcoin holders.
Trump’s approach to cryptocurrency is seen as more favorable compared to the outgoing Biden administration’s crackdown. The Republican president-elect is moving toward creating a regulatory environment that is friendly to digital assets, with discussions of a potential national Bitcoin stockpile, though its feasibility is debated. Aya Kantorovich, co-founder of the crypto platform August, noted that many market participants are optimistic about a more crypto-friendly administration, which has boosted demand for exchange-traded funds (ETFs) that invest in digital assets.
In addition to Trump’s support, Nasdaq Global Indexes revealed that MicroStrategy would join the Nasdaq 100, the major tech stock index, which is expected to increase the demand for its shares as index funds buy in. This inclusion is a significant institutional endorsement for the company, which has made Bitcoin its primary investment strategy, acquiring billions of dollars worth of the cryptocurrency. As of now, MicroStrategy owns approximately $45 billion in Bitcoin.
Bitcoin’s recent surge also reflects broader market trends, with smaller tokens such as Ether also seeing increases. As of Monday afternoon, Bitcoin was trading at around $105,850. The cryptocurrency has cemented a seven-week winning streak, the longest since 2021. However, some analysts, including IG Australia’s Tony Sycamore, suggest that a pullback might be on the horizon.
US-based ETFs that directly invest in Bitcoin have seen $12.2 billion in net inflows since Trump’s election, indicating a strong institutional interest in the cryptocurrency. Similar products investing in Ether have also gained $2.8 billion during the same period, highlighting the growing appeal of digital assets.
