Bitcoin Surges on Trump Jr.’s Endorsement & Institutional Interest:
Cryptocurrency prices continued their gains on Thursday,
Bitcoin exceeded $98,000 following a statement from Eric Trump, son of the U.S. President,
urging his family’s World Liberty platform to invest in the digital asset.
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Bitcoin Surges on Trump Jr.’s Endorsement & Institutional Interest
Cryptocurrency prices continued their gains on Thursday, with Bitcoin surpassing $98,000,
after Eric Trump encouraged his family’s World Liberty platform to invest in Bitcoin.
Bitcoin rose 0.67% to $98,119, while Ethereum surged 2.39% to $2,832.35.
Ripple climbed 1% to $2.4288, while Dogecoin, supported by Elon Musk, gained 2% to $0.2626.
Meanwhile, Trump’s token saw substantial gains of 6.78%, reaching $19.03.
In a post on the X platform, Eric Trump emphasized
that the time was right for World Liberty to invest in Bitcoin.
According to CoinDesk, his comments came just hours after the cryptocurrency hit record highs.
Despite these gains, digital asset traders remain cautious.
According to CoinMarketCap data,
the cryptocurrency market transaction volume fell 30.62% over the past 24 hours to $119.64 billion.
Major Companies Adopting Bitcoin as a Key Investment Asset
MicroStrategy, a software company that has become one of the largest institutional Bitcoin investors,
has inspired many corporations to buy and hold Bitcoin in their reserves to support struggling stock prices.
According to CoinGate, a cybersecurity firm,
pharmaceutical and advertising companies have joined a list of 78 publicly traded companies
worldwide that have followed MicroStrategy’s approach of purchasing Bitcoin as an alternative to holding cash reserves.
Michael Saylor, the founder of MicroStrategy, began aggressively accumulating Bitcoin in 2020,
transforming it into the company’s primary reserve asset.
With Bitcoin surging to $109,000 this year,
MicroStrategy has become the most significant corporate holder globally,
increasing its market value to $87 billion, nearly double the value of its Bitcoin holdings.
New Companies Using Bitcoin as a Treasury Asset
Several companies have adopted MicroStrategy’s model, including KULR Technology,
a U.S.-based thermal energy management company.
CEO Michael Mo announced that 90% of the company’s cash reserves would be invested in Bitcoin,
causing KULR’s stock to quadruple in value during December.
Other companies have taken a different approach by issuing bonds to finance Bitcoin purchases.
Semler Scientific, for example, acquired 871 Bitcoins for $88.5 million using convertible bonds, driving its stock price up 120%.
Donald Trump’s recent statements have further fueled Bitcoin enthusiasm.
He pledged to position the U.S. as a global leader in digital assets and,
in January, signed an executive order to establish a task force assessing the creation of a national digital asset reserve.
Additionally, regulatory changes have made it easier for financial
institutions to hold cryptocurrencies, further supporting the crypto market.
Bitcoin Surges on Trump Jr.’s Endorsement & Institutional Interest