Bitcoin blasts past $108,000 – Is $210,000 next? Institutions think so
What’s behind Bitcoin’s historic rise to $108,000? From Trump’s speech to ETFs and MicroStrategy’s massive buys, could a major institutional supply squeeze be underway?
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Bitcoin soars to new highs
Bitcoin 
BTC-3.41% has once again stolen the spotlight. On Dec. 17, BTC climbed to an all-time high of $108,260, pushing its post-U.S. election gains to over 50%. As of this writing. 17, it is trading around $106,663 levels.
BTC’s rally follows President-elect Donald Trump’s proposal to establish a U.S. Bitcoin strategic reserve, a concept that has sparked widespread excitement across markets.
Trump’s announcement, made during his speech at the New York Stock Exchange on December 12, aims to position the U.S. ahead of global competitors in the digital asset space. He pointed to the need for America to “do something great with crypto” and to build reserves similar to its existing strategic oil stockpile.
The idea of a Bitcoin reserve isn’t entirely new. It was first introduced through the BITCOIN Act, championed by Republican Senator Cynthia Lummis, which envisions the U.S. acquiring 1 million BTC over the next five years to help address the growing $35 trillion national debt.
Another major factor driving this surge has been institutional activity, particularly from MicroStrategy, a firm synonymous with aggressive Bitcoin accumulation.
In the past week alone, MicroStrategy announced it had purchased $1.5 billion worth of BTC at an average price of $100,386 per coin. This recent acquisition brings its total Bitcoin holdings to 439,000 BTC, valued at around $47 billion.
The company’s Bitcoin strategy has paid off immensely, catapulting its market cap from $1.1 billion in 2020 to nearly $100 billion today.
Moreover, MicroStrategy’s inclusion in the Nasdaq 100 index, effective next week, is also expected to boost further demand for its stock as funds and ETFs rebalance their portfolios.
Meanwhile, Ethereum 
ETH-4.11% hasn’t been left behind in this crypto frenzy. After a period of stagnation, ETH showed strong signs of life, climbing to a seven-day high of $4,106 on December 16—a 6% weekly gain.
While Ethereum has faced some minor retracement due to profit booking, it remains steady around the $3,950 mark as of this writing.
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