Bitcoin Soars Towards $110,000 As Reserve Rumors Heat Up

Jake Simmons

5 months ago

3 mins read

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Bitcoin has surged to a new all-time high of $109,558 during early Asian trading hours, aligning with President Donald Trump’s inauguration day. Market observers point to the heightened possibility that Trump might establish a Strategic Bitcoin Reserve (SBR) through an executive order—one of possibly 100 he could sign immediately upon taking office.

Is A Strategic Bitcoin Reserve Coming?

Talk of a US Bitcoin reserve under Trump has circulated for months, but speculation intensified when Polymarket, a crypto-based prediction platform, showed a sudden spike in the odds of such a reserve forming within Trump’s first 100 days. The odds, which hit 59%, quickly preceded Bitcoin’s pump to its fresh peak.

Will Trump create Bitcoin reserve in first 100 days? | Polymarket

In the past, Trump campaigned on potentially transferring all seized BTC by law enforcement into a government-held reserve. Although there has been no official confirmation, rumors that a formal order could be signed “as early as Inauguration Day” ignited price momentum.

Notably, several influential Bitcoin advocates met with the incoming administration over the past weekend, fueling SBR speculation. Senator John Barrasso wrote via X (formerly Twitter) on Sunday: “Senator Lummis and I had a great time talking with President Donald Trump this morning. Wyoming is ready for Inauguration Day tomorrow!”

Senator Cynthia Lummis, known for her pro-Bitcoin stance, reinforced the chatter around a government-led BTC initiative. In a Jan. 17 post on X, she stated: “Working hard to get the Strategic Bitcoin Reserve and comprehensive digital asset legislation across the finish line. Thanks for stopping by @jespow, @arjunsethi, @DavidLRipley !”

Lummis’ own legislative proposal, dubbed the “Bitcoin Bill,” famously proposes to purchase 1 million Bitcoin.
MicroStrategy Chairman Michael Saylor also attended meetings with the Trump administration’s cabinet. He shared a photo on X of himself alongside Robert F. Kennedy Jr. and Jared Kushner, captioned: “The Future is ₿right”

Meanwhile, Eric Trump posted a picture with Saylor and “Crypto Czar” David Sacks, commenting: “To the moon! 🚀🚀 #Bitcoin @WorldLibertyFi @saylor @DavidSacks”

Further underscoring the White House’s apparent openness to Bitcoin, Fred Thiel, Chairman and CEO of MARA Holdings (NASDAQ:MARA)—one of America’s largest Bitcoin mining companies—was reportedly seated with the incoming US Secretary of Defense at the Vice President’s reception on Saturday night.

MacroScope (@MacroScope17), a prominent market analyst, noted on X: “Keep in mind that the reports and photos we’re seeing of Trump and his incoming cabinet engaging with BTC advocates (Scott Bessent at the crypto ball etc) are just the tip of what’s happening. Expecting lots of headlines to hit in coming days, weeks and months. Unique situation in the history of financial markets.”

David Bailey, CEO of BTC Inc, who played a notable role in encouraging then-candidate Trump’s pro-Bitcoin platform, referred to Trump’s recent foray into a personal memecoin TRUMP as “not my cup of tea,” but emphasized gratitude for Trump’s pro-Bitcoin stance via X today.

“I will continue to do whatever I can to support the President and his family’s embrace of Bitcoin and provide honest counsel when called upon. America will be a Bitcoin and Crypto Superpower and the winning has only just begun.” When a user asked Bailey if certain major crypto-friendly actions—such as freeing Ross Ulbricht, confirming a stockpile by executive order, and co-sponsoring Sen. Lummis’ SBR bill—would make up for the TRUMP memecoin controversy, Bailey responded: “all those things will happen and more”

Charles Edwards, CEO of Capriole Investments, observed that Bitcoin’s rapid move lower followed by a swift rebound to new highs could indicate further gains. “Trust the second move,” Edwards remarked, emphasizing that “when markets move aggressively in one direction, and reverse it all shortly after, the second move has a higher probability of being the real move that sets the new trend.”

He added that after “a good old fashioned short squeeze,” investors realized the “overwhelming positivity” of the rumored developments—ranging from “higher odds of a BSR” to “the onboarding of the MAGA army into crypto.” Still, Edwards acknowledged that “anything can happen” in such a volatile market environment.

At press time, BTC traded at $108,182.

Bitcoin price — Bitcoin records a new all-time high, 4-hour chart | Source: BTCUSDT on Tradingview.com

Featured image from YouTube, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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