Donald Trump, the self-styled bitcoin and crypto president, will reportedly issue several crypto-related executive orders on his first day back in the White

As the federal government prepares to consider a Strategic Bitcoin Reserve, states are weighing adopting reserves of their own

Bitcoin hovered near $100,000 after notching its biggest gain of the new year on reassuring US inflation data that lifted global markets by reviving bets on further Federal Reserve interest-rate cuts.

The cryptocurrency industry has pushed President-elect Donald J. Trump to establish one, creating real political momentum behind the plan.

There are already media reports that other nations, including Japan, Russia and China, are accumulating bitcoin ahead of a possible SBR announcement by the US. And Trump has even indicated that he might repeal a controversial crypto accounting rule that would allow banks to hold more bitcoin.

Trump made good on that pledge last month, selecting Paul Atkins to head up the U.S. Securities and Exchange Commission. Atkins, who served as an SEC commissioner from 2002 to 2008, is widely known as a strong supporter of the cryptocurrency market.

Bitcoin ( BTC 4.81%) has led the way, rising 5.6% in the past 24 hours as of 12:30 p.m. ET and nearly crossing $105,000 per token. Ethereum ( ETH 3.33%) is up a more modest 2.6% in that time, and Dogecoin ( DOGE 8.00%) is up 7.3%.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

Massachusetts Senator Peter Durant wants the state to establish a strategic Bitcoin reserve amid global clamor for the coin.

The three real catalysts for Bitcoin's sustainable price rise include regulatory changes that enable wider institutional participation, relaxed restrictions on retirement investments, and increasing recognition of Bitcoin as a strategic reserve asset similar to gold.

Brian Armstrong, CEO of Coinbase, has publicly endorsed a proposal for global leaders to establish Bitcoin strategic reserves.