Bitcoin breaks $97,000 threshold

Bitcoin prices surpassed $97,000 for the first time as the digital asset sector seeks to strengthen its influence with U.S. President-elect Donald Trump by lobbying him to create a new White House position focused on cryptocurrency policy.

Illustration of Bitcoin cryptocurrency. Photo: REUTERS/TTXVN

Accordingly, the world's largest cryptocurrency increased by more than 2% and reached a record high of $97,002 at 12:15 p.m. on November 21 in the Singapore market. Data from CoinGecko shows that the entire cryptocurrency market has recorded an increase of about $900 billion since Mr. Trump's victory on November 5.

The biggest factor driving bitcoin’s surge was news that Trump’s team was discussing whether to create a dedicated cryptocurrency role. The industry is proposing a position with direct access to the president-elect, who has been one of the biggest voices in favor of cryptocurrencies.

Mr. Trump has pledged to create a legal framework to support cryptocurrencies in the United States and establish a strategic bitcoin reserve. However, the timeline for implementing his promises and the feasibility of the bitcoin reserve remain unclear.

Still, the discussions are the latest driver of digital asset market sentiment, along with MicroStrategy Inc.’s plans to accelerate bitcoin purchases and the launch of options contracts on a bitcoin ETF.

MicroStrategy, the publicly traded company with the largest bitcoin holdings, announced on November 20 plans to increase its senior convertible bond offering by nearly 50% to $2.6 billion to fund its bitcoin purchases.

The once obscure software company now calls itself a “bitcoin treasury” and is holding some $31 billion in the digital asset.

Speculators are increasingly focused on whether bitcoin can continue its surge toward $100,000. Supporters of bitcoin’s role as a modern store of value see the six-figure milestone as a symbolic rebuttal to skeptics who say the cryptocurrency has little practical value and denounce its association with money laundering and crime.

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