Bitcoin Reclaims $102K Amid Speculation About Strategic Reserve

The price of Bitcoin spiked to an intraday high of $102,088 earlier this Thursday, surging to the highest level since Jan. 7. 

This comes amid speculation that a strategic Bitcoin reserve could be announced as early as next Monday. 

However, Polymarket sees only a 37% chance of such a reserve being created in early 2025 contrary to some expectations within the community.   

Last month, Jeff Park, head of alpha strategies at Bitwise Invest, recently opined that there was only a 10% chance of the strategic Bitcoin reserve being created during in 2025. However, on the off chance that it does happen, the Bitcoin price might surge all the way to $1 million.  

U.S. government could sell 70,000 Bitcoins

As reported by U.Today, the U.S. government recently obtained court approval to potentially liquidate a total of 70,000 Bitcoins that were seized from a Silk Road hacker. 

Senator Cynthia Lummis of Wyoming, who introduced the controversial bill to create a strategic Bitcoin reserve last July, recently said that she had "serious concerns" about this sale.

"The U.S. government cannot continue denying the value of Bitcoin and digital assets; it’s costing taxpayers billions. I sent a letter to the U.S. Marshals Service asking why they plan to sell nearly 70,000 Bitcoin," she said.  

Nation-state curious about Bitcoin ETF

Meanwhile, Bitwise CEO Hunter Horsley has revealed that a nation-state is interested in gaining exposure to Bitcoin ETFs.

"We just provided some information for a nation-state asking about Bitcoin ETFs. Considering moving some exposure from foreign currency govt bonds into BTC. Bitcoin is entering a new chapter," he said.