Bitcoin's price movement today has been significantly influenced by Eric Trump's endorsement of the cryptocurrency. Early Thursday, Eric Trump took to X, formerly known as Twitter, to express his support for Bitcoin, stating that it "feels like a great time to enter BTC." This endorsement led to a notable increase in Bitcoin's price, as it climbed from $96,900 to $97,830 shortly after his post. The endorsement from a high-profile figure like Eric Trump has likely bolstered investor confidence, contributing to the upward momentum in Bitcoin's price.
Additionally, the sentiment among the ultra-wealthy appears to be increasingly bullish on Bitcoin. Michael Sonnenfeldt, founder of Tiger21, highlighted on CNBC that digital currencies are becoming a substitute for gold among some of the ultra-rich, who view Bitcoin as a storehouse of value. This growing acceptance and confidence in Bitcoin as a valuable asset among influential investors further supports its price rise. Sonnenfeldt noted that cash holdings among his members have hit a 17-year low, indicating a shift towards more aggressive investment strategies, including digital currencies.
Bitcoin's price has increased by 1.32% today, reaching a high of $97,824.33.