The post Bitcoin Breaks Out To $108K; Achieves Another Record High Amidst Market Optimism appeared first on Coinpedia Fintech News
In an exciting development, Bitcoin has hit the $108,000 level and is currently trading at $108,223, up over 2% in the past day.
Notably, Bitcoin is up almost 60% since the election, largely driven by Trump’s incoming administration’s support for cryptocurrencies, including the President-elect’s promises to create a strategic Bitcoin reserve. Besides, Trump has also nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission, replacing current chair Gary Gensler, who was known for his hostility towards digital assets.
Corporate Adoption Soars
The rising institutional adoption has further added to Bitcoin’s rally. Notably, over 70 public companies now have Bitcoin on their balance sheet. Recently, MicroStrategy chairman Michael Saylor called the cryptocurrency the “Cyber Manhattan” of the digital age. “Every day is a good day to buy Bitcoin,” he noted, stressing that, like real estate in Manhattan, Bitcoin is always a sound investment. Since 2020, MicroStrategy has been accumulating one of the largest corporate Bitcoin holdings in the world and now totals 439,000 BTC, worth around $46 billion
“We have a new crypto and Bitcoin-friendly administration, with discussions underway for a U.S. Bitcoin treasury and also FASB [Financial Accounting Standards Board] rules now allowing companies to hold bitcoin on their balance sheet without penalty,” James Lavish, Managing Partner at Bitcoin Opportunity Fund, noted. “This is further legitimizing Bitcoin as a corporate asset.”
On top of this, MicroStrategy will be added to the Nasdaq 100 on Dec. 23, which has further increased the optimism. With the growing momentum, analysts predict between $150,000 and $200,000 for Bitcoin by the end of 2025.
