Update (Dec. 16 at 12:40 am UTC: This article has been updated to include comments from Satoshi Action Fund CEO Dennis Porter, US Federal Reserve interest rate cut predictions and Bitcoin’s price rise to $106,000.
Bitcoin’s price rallied nearly 5% in a day to set a new all-time high above $106,000 on Dec. 15 as speculation of it becoming a United States reserve asset continues to grow.
Bitcoin (BTC) topped out at $106,554 but has since fallen slightly to $106,000, TradingView data shows. Its previous high was $104,000, which was set on Dec. 5.
It is now up nearly 16% over the last month and over 55% since the US presidential election on Nov. 5.
Bitcoin’s change in price over the last 24 hours. Source: TradingView
It comes as Strike founder and CEO Jack Mallers said US President-Elect Donald Trump could potentially issue an executive order designating Bitcoin as a reserve asset on his first day in office on Jan. 20.
“There’s potential to use a day-one executive order to purchase Bitcoin,” Mallers stated, adding:
“It wouldn’t be the size and scale of 1 million coins but it would be a significant position.”
Related: Trump may use Bitcoin as US reserve asset on ‘day one’ — How high will BTC price go?
Meanwhile, Satoshi Action Fund CEO Dennis Porter says a third Bitcoin reserve bill is in the works at the state level — however, he didn’t reveal which state would follow Texas and Pennsylvania’s lead.
“We had Pennsylvania, and we had Texas. And now we have another state coming on board. And they sent me the draft. So I know it’s real,” he said during a Dec. 15 X Spaces.
Porter added he expects at least 10 states to introduce a Bitcoin reserve bill in total.
“Its not going to stop. We’re going to see more and more of these bills come. At least 10, in my opinion.”
Financial analysts also tip a 0.25% interest rate cut from the US Federal Reserve on Dec. 18, which could push Bitcoin’s price even further in the coming months.
Bitcoin’s market sentiment is currently in the “Extreme Greed” zone at a score of 83 out of 100, according to the Crypto Fear and Greed Index.
Crypto Fear and Greed Index score for Dec. 16. Source: Alternative.me
It hasn’t been higher since Dec. 5, when Bitcoin broke through the $100,000 milestone.
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