Bitcoin has officially surpassed $97,800, hitting another record high of $97,852. U.S. President-elect Donald Trump is rumored to be appointing the first “crypto czar” in the White House. Large cryptocurrency betting platform Polymarket data show that Trump's bets on the establishment of a strategic national reserve of bitcoin soared to a maximum of 44% during the day, but then fell back.

Trump's top team is meeting with bitcoin and cryptocurrency experts as well as industry executives to discuss the creation of a position in the White House dedicated to cryptocurrency policy, overseeing 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 U.S. “the cryptocurrency capital of the planet.”

Earlier this year, U.S. Senator Cynthia Lummis of Wyoming, a Republican, introduced the Bitcoin Act to Congress, calling for the creation of a strategic bitcoin reserve that would aim to reduce the U.S.'s rising national debt of nearly $36 trillion by purchasing 1 million bitcoins over five years.

By 2024, Trump is surrounded by advisors who strongly support bitcoin and cryptocurrencies, with some of his high-profile cabinet appointments also being supporters of bitcoin and cryptocurrencies.

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

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

In addition, David Bailey, CEO of Bitcoin Inc, the publisher of Bitcoin Magazine and an advisor on Trump's Bitcoin strategy, said he believes Trump may appoint Sen. Bill Hagerty (R-N.Y.), an advocate of bitcoin and cryptocurrencies, to be his secretary of the Treasury.

Bailey posted: “If that happens, back up and put everything you own into Bitcoin.”