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States Rush Bitcoin Treasury Plans as Price Tops $94K, Trump Team Signals Major Crypto Push
North Dakota Joins Five Other States Exploring Bitcoin Reserves While BlackRock's ETF Breaks Records; Mar-a-Lago Meeting Hints at Upcoming Policy Shift
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Bitcoin climbed above $94,269 on Monday, extending its gains amid unprecedented institutional adoption and growing state-level interest in cryptocurrency reserves. The world's largest cryptocurrency is up 0.42% in the last 24 hours, defying earlier concerns about delayed Federal Reserve rate cuts.
State Treasuries Lead the Charge
The rally comes as North Dakota becomes the latest U.S. state to explore adding Bitcoin to its treasury. Resolution 3001, introduced in the North Dakota State Legislature, proposes diversifying the state's portfolio through investments in digital assets and precious metals.
"The state that is last to build bitcoin reserves will lose," said New Hampshire Representative Keith Ammon, whose state introduced similar legislation this week. "It's urgent that states act sooner than later."
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BlackRock ETF Shatters Records
Institutional investment continues to break records. BlackRock's Bitcoin ETF (IBIT) reached $52.9 billion in assets under management in just 227 days, shattering previous ETF growth records. The first year of spot Bitcoin ETF trading saw net inflows of $36.2 billion, despite significant outflows from Grayscale's GBTC.
The upcoming Trump administration appears poised to accelerate crypto adoption. A recent meeting between Eric Trump and MicroStrategy's Michael Saylor at Mar-a-Lago sparked speculation about future Bitcoin-friendly policies. MicroStrategy, under Saylor's leadership, currently holds 446,400 BTC valued at approximately $43.7 billion.
"Bitcoin and crypto generally remain volatile assets," said James Toledano, Chief Operating Officer at Unity Wallet. "However, institutional accumulation and falling exchange reserves suggest demand remains strong despite recent price fluctuations."
Bitcoin reached an all-time high of $108,000 in December 2024 before consolidating at current levels. Market analysts are watching closely for potential policy announcements following next week's presidential inauguration.
Trump Policy Impact Looms
With just seven days until inauguration, crypto markets are closely watching for signals of the incoming administration's regulatory approach. Eric Trump has publicly described his father as "the most pro-crypto president in U.S. history," suggesting a significant shift from previous regulatory stances.
Michael Saylor's cryptic post following the Mar-a-Lago meeting – "Bitcoin is on the menu at Mar-a-Lago" – sent MicroStrategy's stock up 10% and pushed Bitcoin nearly 4% higher. Sources close to the transition team suggest the administration is preparing a comprehensive digital asset framework that could include favorable tax treatment for crypto investments and clearer regulatory guidelines for DeFi platforms.
"If Trump's policy rollout aligns with market expectations, the bull run could regain momentum," said Toledano. "The first 100 days will be crucial for setting the tone of crypto regulation for the next four years."
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