Bitcoin Reaches $106,000 Over Trump’s Cryptocurrency Stance

Bitcoin Hits Record $106,000 Amidst Optimism Over Trump’s Cryptocurrency Stance

Bitcoin has soared to an all-time high, continuing a remarkable rally that has pushed the cryptocurrency’s value up by more than 50% since Donald Trump’s victory in the November 5 presidential election.

The leading cryptocurrency briefly surged past $106,000 (£83,890) before settling at around $105,000 during trading in Asia on Monday. Analysts attribute this surge to growing optimism over the incoming Trump administration’s pro-cryptocurrency stance, contrasting sharply with the policies of the Biden administration.

On Thursday, President-elect Trump reiterated his consideration of establishing a national reserve for Bitcoin, akin to the country’s strategic oil reserve. The announcement fueled the enthusiasm of crypto investors.

“The post-election Bitcoin rally has been parabolic, driven by FOMO—the fear of missing out,” said Peter McGuire of trading platform XM.com in an interview with the BBC. “Many investors believe $120,000 is achievable by year-end, with some forecasting over $150,000 by mid-2025.”

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Trump recently appointed Silicon Valley entrepreneur David Sacks as his administration’s cryptocurrency and artificial intelligence (AI) czar. Sacks, a former PayPal executive and close associate of Trump adviser Elon Musk, is expected to play a pivotal role in shaping the administration’s digital currency strategy.

Trump has also announced his intention to nominate pro-cryptocurrency attorney Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC). Atkins’ nomination comes after the current SEC chair, Gary Gensler, confirmed his resignation effective January 20, the day of Trump’s inauguration.

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled its mission and enforced the law without fear or favor,” Gensler stated on X, the social media platform formerly known as Twitter.

Trump had previously signaled his intention to remove Gensler on his first day in office, criticizing the SEC’s legal actions against cryptocurrency firms during Gensler’s tenure—a move that had sparked significant debate.

With the incoming administration’s apparent focus on fostering cryptocurrency adoption, Bitcoin’s upward trajectory seems poised to continue, capturing the attention of both seasoned investors and newcomers alike.

December 16, 2024

910 1 minute read

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.