The US government and SpaceX's substantial investments in bitcoin have raised expectations for the cryptocurrency's future performance.
The Strategic Bitcoin Reserve, created through an executive order by former President Donald Trump, holds approximately $24.5 billion worth of bitcoin, with a total of 328,372 units. This significant holding could potentially push the price of bitcoin beyond its current level of around $75,000.
SpaceX, led by CEO Elon Musk, has also accumulated an impressive amount of bitcoin, totaling 8,285 units valued at around $603 million. The company's plans to go public through an IPO in June could further fuel institutional investment in the cryptocurrency market.
The lack of congressional authorization for the Strategic Bitcoin Reserve and Trump's ongoing trade war with China may pose challenges to bitcoin's price growth in the short term.