Key Points
- Bitcoin’s surge past $100k was celebrated by President-elect Donald Trump, attributing it to his influence.
- Analysts predict a potential slowdown in Bitcoin’s rally after Trump’s inauguration in January 2025.
The crypto community is celebrating as Bitcoin [BTC] has surged past the $100,000 level. Not just enthusiasts, President-elect Donald Trump also joined in the celebrations, attributing the historic price rally to his influence.
Trump’s Take on Bitcoin’s Milestone
On 5 December, Trump expressed his excitement on the Truth Social platform. He congratulated Bitcoin investors and claimed that his influence led to the milestone. Throughout his 2024 election campaign, Trump promised to transform the crypto landscape in the United States. His pro-crypto stance fueled optimism, with many anticipating BTC’s rise to $100k. As expected, Bitcoin surpassed this milestone on 5 December, briefly climbing to around $102K. However, it soon experienced a pullback and was trading at $97,905.96 at the time of writing.
Trump’s Pro-Crypto Promises
In line with his pro-crypto promises, Trump vowed to fire SEC Chair Gary Gensler. His commitment to reshaping U.S. crypto policy was confirmed with the selection of Paul Atkins, a crypto advocate and former SEC Commissioner, as the new SEC Chairman. Trump also appointed former PayPal COO David Sacks as the “White House A.I. & Crypto Czar,” indicating a shift in the country’s approach to cryptocurrencies.
As the 2024 election cycle progresses, some analysts predict a slowdown in market momentum. Historical trends suggest that U.S. markets, including Bitcoin, often surge following presidential elections, but the rally tends to lose steam once the newly elected president assumes office. The question remains – will Bitcoin see a major correction post-Trump’s inauguration on 20 January 2025?
