Bitcoin inches near $100,000 record boosted by Trump’s pro-crypto stance

On By Littum

Bitcoin moves closer to $100,000 amid optimism over US President Donald Trump’s pro-cryptocurrency stance.

The world’s leading cryptocurrency topped $96,000 for the first time, reaching an all-time high of just over $97,522.

Several cryptocurrencies, including Bitcoin, have been on an all-time high in price amid what is being called the “Trump bump” crypto frenzy.

Bitcoin’s value has more than doubled since the start of this year. It has risen by about 45 percent in the two weeks since Trump’s election.

During his campaign for the White House, Trump declared himself a pro-crypto candidate and promised to end what he called the “persecution” of the crypto industry and to position the United States as the “world’s bitcoin superpower.”

Donald Trump delivers a keynote address on the third day of the Bitcoin 2024 conference at the Music City Center in July
Donald Trump delivers a keynote address on the third day of the Bitcoin 2024 conference at the Music City Center in July (Getty)

In July, he promised to form a crypto advisory council and create a strategic reserve of Bitcoin from the stockpile seized from financial criminals.

Mr. Trump even floated the idea of ​​using Bitcoin to “pay off the US $35 trillion national debt” in August.

“Give them a little crypto check, right? We’ll give them a little bitcoin and wipe out our $35 trillion,” he told Fox Business.

The crypto rally has also been sparked by the election of several pro-crypto lawmakers to the US Congress, who have hinted at a friendlier regulatory approach to digital currencies.

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Several pro-crypto public figures such as Elon Musk are also expected to fill leadership roles in the government.

Mr. Trump promised that one of his first steps as president would be to fire Securities and Exchange Commission Chairman Gary Gensler, who led a crackdown on the crypto industry over the past three years.

Amid growing optimism that the US government is shifting to a pro-crypto stance, there is a much greater possibility that Bitcoin will hit six figures before the end of the year.

“Although it is now firmly in overbought territory, it is being pulled towards the $100,000 level,” IG Markets analyst Tony Sycamore told Reuters.

“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s probably too early to tell,” said Will Peck, head of digital assets at WisdomTree.