Bitcoin hit an all-time high on Tuesday, hitting $93,521 a coin for the first time in its history, as the crypto continues to ride momentum from the past few weeks. BTC is up nearly $25,000 in the month.
Decrypt reported that BTC’s former high water mark was $93,477 that it hit less than a week ago. As of writing this report, bitcoin was priced at $93,372.34.
Michael Saylor, the founder of MicroStrategy, announced that he bought 51,780 BTC at $88,627, which ccn.com noted was his company’s biggest one-time purchase in its history. It holds 331,200 BTC.
Dennis Porter, the CEO of Satoshi Action Fund, posted on X that he’s heard, during private conversations with people familiar with the matter, that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first. I can confirm that U.S. Senate offices are backing this plan up. Game on President Trump. The race is on.”
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Sen. Cynthia Lummis, R-Wyo., introduced a bill in July calling for a Strategic Bitcoin Reserve to ensure “the transparent management of bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.”
Crypto Briefing reported that the bill proposes a “Bitcoin Purchase Program to acquire up to 1 million Bitcoins over five years, held for at least 20 years, with transparency ensured through independent proof-of-reserve audits.”
Trump has not committed to pursuing such an option and dissapointed a BTC conference in July when he did not embrace the idea of a strategic reserve.