Bitcoin officially broke through $97,800, setting a new all-time high of $97,852. It is rumored that US President-elect Donald Trump will appoint the first "crypto czar" of the White House. Data from Polymarket, a large cryptocurrency gambling platform, showed that Trump's bet on establishing a strategic national reserve of Bitcoin soared to 44% during the day, but then fell back.

Trump's senior team is meeting with Bitcoin and cryptocurrency experts and industry executives to discuss creating a position dedicated to cryptocurrency policy in the White House to oversee policy and regulation across the federal government.

The appointment of a White House cryptocurrency czar could further fuel expectations that Trump will establish a strategic national reserve of Bitcoin to fulfill his promise made at the Bitcoin 2024 conference in July to make the United States the “cryptocurrency capital of the world.”

Earlier this year, Republican Senator Cynthia Loomis of Wyoming introduced the Bitcoin Act to Congress, calling for the creation of a strategic Bitcoin reserve aimed at reducing the United States’ rising national debt of nearly $3.6 trillion by purchasing 1 million Bitcoins over five years.

By 2024, Trump's advisors were strong supporters of Bitcoin and cryptocurrencies, and some of his high-profile cabinet appointments were also supporters of Bitcoin and cryptocurrencies.

This week, Trump named Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, and Lutnick claims to have “hundreds of millions of dollars invested in Bitcoin.”

“Bitcoin is rare and special, it will become rarer and more valuable, and over time it will be financed like gold and oil. It will go higher and higher, and sometimes lower, you just have to have faith,” Lutnick, who serves as the U.S. custodian for Tether, issuer of the $130 billion USDT stablecoin, through Cantor Fitzgerald, said earlier this month.

Additionally, David Bailey, publisher of Bitcoin Magazine and CEO of Bitcoin Inc., a Bitcoin strategic advisor to Trump, said he believes Trump may appoint Bitcoin and cryptocurrency advocate and New York Senator Bill Hagerty as his Treasury Secretary.

“If this happens, back up and put everything you own into Bitcoin,” Bailey wrote.