Bitcoin hit the $95,000 mark for the first time, and the digital asset industry is pushing to establish a new position dedicated to cryptocurrency policy in the White House to consolidate its influence on Trump's new administration.
The Trump team is discussing whether to create such a new position with the digital asset industry, which is seeking this opportunity to have direct access to the president-elect. Trump is now a major supporter of cryptocurrencies.
These discussions, combined with Bitcoin's “big player” MicroStrategy's plan to speed up the purchase of this token and the introduction of US Bitcoin exchange-traded fund (ETF) options, have boosted the popularity of the digital asset market.
Bitcoin rose more than 2% in the US market on Wednesday and hit a record high of $95,004 in early trading in the Asian market on Thursday. CoinGecko's data shows that since Trump won the election on November 5, the overall market value of the cryptocurrency market has grown by more than $80 billion.
Speculators are increasingly concerned about whether Bitcoin will climb further to 0.1 million dollars. Proponents see it as a modern store of value, while skeptics see it as having no real value and denounce it as a breeding ground for money laundering and criminal activity.
“Buyers are killing all sides,” said Tony Sycamore, market analyst at IG Australia Pty. “Although I'm not sure if the path towards the $0.1 million mark will be smooth sailing, the demand seems endless.”