Is it expected to become a strategic reserve? Bitcoin once surged above $106,000

On December 16, during early Asian trading on Monday, Bitcoin soared to a record high of over $106,000, boosted by comments from U.S. President-elect Trump suggesting he plans to establish a U.S. Bitcoin strategic reserve similar to the Strategic Petroleum Reserve.

IG analyst Tony Sycamore stated, "We are currently under a blue sky.

The next market expectation is $110,000. Many were anticipating a correction, which has not occurred because we have received this news now." Trump stated to CNBC late last week, "We are going to do some great things in the crypto space because we don’t want anyone else—other countries are embracing it too—we want to be the leaders.

"When asked if he plans to establish a cryptocurrency reserve similar to the oil reserves, Trump said, "Yes, I think so." Additionally, other countries are also considering cryptocurrency strategic reserves.

Earlier this month, Russian President Putin questioned the necessity of holding foreign exchange reserves, stating that the current U.S. government is undermining the dollar's role as the global economic reserve currency, using it for political purposes, which is forcing many countries to turn to alternative assets, including cryptocurrencies.