Bitcoin Nears $100,000 as Trump’s Pro-Crypto Stance Fuels Market Optimism
Bitcoin came close to breaching the $100,000 milestone for the first time on Thursday, buoyed by expectations that the election of Republican Donald Trump as U.S. president will usher in a favorable regulatory climate for cryptocurrencies.
The world’s largest cryptocurrency traded between $98,000 and $99,000 in late U.S. trading hours, briefly reaching $99,073. Bitcoin’s value has surged more than 100% this year, including a 40% rise in the two weeks since Trump’s election victory alongside pro-crypto lawmakers in Congress.
Trump’s campaign embraced digital assets, pledging to position the U.S. as the “crypto capital of the planet” and amass a national bitcoin reserve. Crypto investors anticipate a rollback of heightened regulatory scrutiny, including changes at the U.S. Securities and Exchange Commission (SEC), where Trump has promised to replace current Chair Gary Gensler.
Adding to the momentum, Trump launched a crypto-focused venture, World Liberty Financial, in September. Though details remain sparse, his personal interest in the sector has been interpreted as a bullish signal.
Billionaire entrepreneur Elon Musk, a Trump ally and vocal cryptocurrency advocate, has further amplified the sector’s optimism.
Sixteen years after its inception, bitcoin is edging closer to mainstream acceptance. “Everyone who’s ever bought bitcoin is currently in profit,” noted Alicia Kao, managing director of crypto exchange KuCoin. She emphasized that early adopters, who overcame significant challenges and regulatory resistance, are the true visionaries.
Bitcoin’s remarkable recovery from its dip below $16,000 in late 2022 has been propelled by the approval of U.S.-listed bitcoin exchange-traded funds (ETFs) in January. These ETFs, which had long faced SEC opposition due to investor protection concerns, have made it easier for institutional and retail investors to gain exposure to bitcoin, further cementing its position in global financial markets.
