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    Bitcoin surges to record high amid speculation and potential US reserve asset status

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    The article discusses a recent surge in Bitcoin’s price to a record $106,000, buoyed by speculation that it could become a US reserve asset. CK Zheng from ZK Square predicts Bitcoin’s price could reach $125,000 by 2025, with a potential 30% drop afterwards. Strike CEO Jack Mallers suggests President-Elect Donald Trump could make Bitcoin a reserve asset. The US Federal Reserve is predicted to cut interest rates by 0.25%, and new FASB rules may influence Bitcoin’s price. Additionally, a third Bitcoin reserve bill is being developed at state level, according to Satoshi Action Fund CEO Dennis Porter.

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    Hey everyone, just a quick update: we’ve added Dennis Porter’s (Satoshi Action Fund CEO) comments, some predictions about the US Federal Reserve interest rate cut, and the big news that Bitcoin’s price has shot up to $106,000.

    Also take note, hit refresh for the latest info on the FASB crypto fair value accounting rules.

    Right, let’s talk about Bitcoin’s big leap. The value of Bitcoin went up to over $106,000 on Dec. 15, which is a new record! This happened because there’s buzz about it possibly becoming a United States reserve asset.

    At one point, Bitcoin was trading at $106,554, but it’s settled around the $106,000 mark since, according to TradingView. The last record was $104,000, set back on Dec. 5.

    CK Zheng, who’s in charge of investing at ZK Square, shared his thoughts with us. He reckons that Bitcoin is in “Santa Claus mode”, because everyone’s scared of missing out and wants to invest more in it. He’s predicting Bitcoin’s price will hit $125,000 by the start of 2025, but says we should watch out for a potential 30% drop afterwards. If that happens, we might see Bitcoin’s price go down to roughly $87,500.

    CEO of Strike, Jack Mallers, said something pretty interesting: US President-Elect Donald Trump might use his power to make Bitcoin a reserve asset on Jan. 20, his first day in office.

    Mallers also mentioned that the US government could potentially buy Bitcoin, although he didn’t elaborate on how much they’d purchase. Now, this wouldn’t be a massive deal, but it’d still be a significant move by the government.

    Big news from Satoshi Action Fund CEO Dennis Porter too: a third Bitcoin reserve bill is being put together at the state level. He didn’t spill which state it was but did mention it’s following in the footsteps of Texas and Pennsylvania.

    Porter also expected around 10 states to introduce a Bitcoin reserve bill eventually. Looks like we’ll keep seeing more of these bills popping up.

    Also, heads up – financial experts are predicting a 0.25% interest rate cut by the US Federal Reserve on Dec. 18, which could push Bitcoin’s price up even further. There’s also a new rule by the Financial Accounting Standards Board that might be causing the price surge. It allows institutions to record the value of their crypto assets in a more realistic way.

    According to the Crypto Fear and Greed Index, Bitcoin’s market sentiment is currently “Extreme Greed”, scoring 83 out of 100. The last time the score was this high was on Dec. 5, when Bitcoin broke the $100,000 milestone. Pretty exciting stuff!

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