Turning to BTC, Trump's appointments in his administration could reflect his commitment to crypto campaign pledges. On Sunday, Eleanor Terrett reported on the upcoming Treasury Secretary appointment, saying,
"Anthony Pompliano says he thinks we could get the announcement for Treasury Secretary in the next 48-72 hours and that both Lutnick and Bessent are great options."
Pompliano also reportedly said,
"The Treasury secretary is the CFO of the United States, and both Scott and Howard made a lot of money for themselves throughout the years, and so having somebody like that in the seats can be pretty special."
Terrett added,
"He said he's spent a lot more time with Howard than Scott, but believes both would be great for the crypto economy."
This development aligns with broader expectations for BTC to become a strategic reserve asset for the U.S. government. Congress, the Treasury Department, the Federal Reserve, and the President would need to approve BTC.
Furthermore, the SEC and the Commodity Futures Trading Commission (CFTC) must establish clear regulatory guidelines, highlighting the significance of Trump's new appointments.
Progress toward BTC becoming a US strategic Reserve and the US government a BTC HODLER could significantly shift the supply-demand balance in BTC's favor. The US government currently holds 208,109 BTC, equivalent to $18.48 billion, in its stockpile.
Continued demand through US BTC-spot ETFs and from the US government may propel BTC to unprecedented highs.
On Sunday, BTC dipped by 0.73%, following a 0.67% loss on Saturday, closing at $89,465. Falling bets on a December Fed rate cut dampened demand for US BTC-spot ETFs and BTC, leaving BTC with weekend losses.
Nevertheless, the outlook remains bullish after gaining 11.62% in the week ending November 17. Trump's crypto pledges are likely to mitigate oversupply risk and further fuel BTC demand. A break above November 13's high of $93,163 could bring the $100,000 level into play.
Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.