Crypto pops from high-profile purchases and optimism for Trump’s second term

Recent posts made on social media, the news stream, and elsewhere have given meaningful upticks to select cryptocurrencies so far this week. Unlike gains over the last month that have raised the prices of every coin in the top 100 by market cap, gains this week were more modest and related to specific developments in the space. 

Yesterday, Strike CEO Mark Waller and others took to the internet to build up excitement for Trump’s first day back in office stating, that The US could potentially purchase some amount of BTC on Trump’s first day back, January 2nd. 

Alt. coins in general and specifically those who had been previously labeled as securities by the SEC under Gary Gensler experienced a bump due to the widespread belief that many large cryptocurrencies will be getting their own ETF next year. The most widely anticipated of these coins being Solana and Ripple. 

Ripple had an added boost today after announcing the launch of Ripple USD (RLUSD). The chain’s long awaited stable coin will be the first of its kind on the Ripple ecosystem (blockchain).

Obey your MSTR

Other high-profile celebrities were buying Bitcoin in massive quantity on Monday. Michael Saylor executed another purchase of 15,350 BTC by MicroStrategy (MSTR) for approximately $1.5 billion. The purchase was the sixth large scale purchase in a row after the company began selling shares to buy up Bitcoin. 

Over that period MSTR has acquired $17.5 billion worth of Bitcoin, which equates to nearly 40% of its total BTC holdings. This latest buy was the first purchase for MSTR above $100,000. The company’s total stockpile of BTC is worth an approximate $45 billion and was acquired at an average cost of $61,725. The company now holds about 2.1% of total Bitcoin in circulation. 

MSTR may continue its monumental climb alongside BTC as it was announced last Friday that they will be listed amongst the Nasdaq 100. This will provide them additional buyers through broad based ETFs such as QQQ. MSTR will enter the Nasdaq as the 40th largest company equivalent to 47bps of the Nasdaq 100 a feat that would have been all but impossible were it not for their first of its kind, Bitcoin first, approach to their balance sheet.

During the 6 weeks that began on October 28th and ending on December 2nd the company went from a market capitalization of just under $40 billion to its recent peak around $110 billion representing a meteoric 63% rise in the valuation of the company in an incredibly short amount of time.

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