Bitcoin Surges Over USD 100,000: Will Trump’s Actions Fuel Even Bigger Gains?

Bitcoin has surged past USD 100,000 ahead of President-elect Trump’s inauguration. Will his proposed crypto-friendly actions push prices even higher? Here’s what to expect next.

Washington: The price of bitcoin soared to over USD 109,000 early Monday, just hours before President-elect Donald Trump’s inauguration, as the cryptocurrency industry anticipates swift action from the new administration to support the digital currency.

Trump’s Embrace of Crypto

Once a critic who called bitcoin “seems like a scam,” Trump has transformed into a strong proponent of digital currencies. During his campaign, he committed to taking significant steps to make the United States the “crypto capital” of the world, promising initiatives such as the creation of a U.S. crypto stockpile, enacting favorable regulations, and even appointing a crypto “czar” for his administration.

Trump’s newfound enthusiasm for cryptocurrency has bolstered the sector, with investors and crypto advocates betting on early actions to boost the industry. The cryptocurrency has seen substantial gains since Trump’s victory in the 2024 election, surpassing USD 100,000 for the first time last month and continuing to climb.

Bitcoin’s Volatile Journey

Bitcoin, which was created in 2009 as a decentralized digital cash system free from government oversight, has had a roller-coaster ride in its short history. Despite being criticized by many for its volatility and use in illicit activities, bitcoin has continued to grow in popularity.

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As of Monday morning, bitcoin’s price surged by more than USD 9,000, marking a sharp increase from last week’s dip to about USD 90,000. Its growth has caught the attention of both supporters and critics, with many in the crypto industry applauding Trump’s support.

Strategic Actions Expected from Trump

Trump has promised multiple actions during the early days of his presidency that would affect the crypto industry. Key among them is the creation of a Crypto Council, which would advise on developing clear regulations for the sector. The council would be led by tech executive and venture capitalist David Sacks, whom Trump named as the administration’s crypto “czar.”

Trump’s administration is also expected to push for a Strategic Bitcoin Reserve, ensuring the U.S. government holds bitcoin as a permanent national asset, similar to the gold stockpile. A draft executive order suggests the Treasury Department would eventually hold at least $21 billion in bitcoin.

Support for Crypto Industry Amid Regulatory Backlashes

Trump’s picks for key regulatory roles have pleased the crypto industry, particularly his selection of Paul Atkins to head the Securities and Exchange Commission (SEC), who has long been a supporter of cryptocurrencies. In contrast, the Biden administration’s approach to crypto regulation has been seen as hostile, with enforcement actions led by outgoing SEC Chairman Gary Gensler.

For many in the crypto world, a shift in tone at the SEC and a supportive regulatory framework under Trump’s leadership could further drive innovation and investment in the sector.

Crypto Industry Celebrates “Crypto President”

To mark the occasion of Trump’s inauguration, key industry figures held a “Crypto Ball,” celebrating what they called the arrival of the first “crypto president.” The event, which sold out with tickets costing several thousand dollars, reflected the excitement surrounding Trump’s potential influence on the future of cryptocurrency in the United States.

With bitcoin surging past USD 100,000 and expectations high for early action from the new administration, the crypto industry is poised for a transformative period under Trump’s leadership.