Trump’s Inauguration and the Cryptocurrency Boom
As President-elect Donald Trump prepares for his inauguration on January 20, the cryptocurrency market is experiencing remarkable growth. Bitcoin has soared to an unprecedented high of $104,000 as of December 5, marking a significant increase of nearly 50% since Trump’s election victory. This surge has generated expectations for a transformative era of cryptocurrency regulations in the United States. Insiders suggest that Trump is targeting a milestone of $150,000 for Bitcoin during his upcoming term.
The Rise of the ‘Trump Trade’ and Its Impact on Cryptocurrencies
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A recent report from AXIOS highlights Trump’s pledge for a “golden age of America,” with the rise of cryptocurrencies playing a pivotal role in this vision. The term “Trump trade” has gained traction among investors looking to capitalize on the new administration’s policies, focusing on sectors like oil and gas, financial services, and cryptocurrencies.
Trump’s enthusiasm for Bitcoin is evident from his recent post on Truth Social, where he congratulated Bitcoin investors for surpassing the $100,000 mark, exclaiming, “YOU’RE WELCOME!!!” In line with fostering a favorable environment for cryptocurrencies, Trump has appointed Paul Atkins, a known advocate for the industry, as the chair of the Securities and Exchange Commission (SEC).
Key Appointments and Crypto Industry Growth
Adding to the momentum, Trump has selected David Sacks, a notable member of the “PayPal Mafia,” to serve as the White House AI and crypto czar. Sacks is tasked with crafting a legal framework that provides the clarity that the crypto industry has long been seeking. The growing influence of the cryptocurrency sector was further underscored in a “60 Minutes” segment, which revealed that crypto companies contributed a substantial one-third of all direct corporate donations to super PACs during the election cycle.
The industry’s backing of candidates proved highly successful, boasting an impressive 85% success rate among the 62 politicians it supported, spanning both Republican and Democratic parties.
Bitcoin’s Path to $150,000 and Beyond
Sources close to the transition team indicate that Trump will keep a watchful eye on Bitcoin’s price trends, viewing them as critical indicators of market health. “It’s another stock market for him,” noted one insider, highlighting Trump’s ambition for Bitcoin to reach the formidable target of $150,000 early in his presidency.
Eric Trump has also expressed optimism regarding Bitcoin’s potential advantages over traditional assets such as real estate and gold. He pointed to Bitcoin’s finite supply of 21 million coins as a core value driver, contrasting it with gold, which can be mined further as prices increase. Eric Trump stated, “Name another commodity that’s capped. Name another commodity that as prices go up, it’s not further exploited.”
Future Prospects for Bitcoin’s Valuation
Eric Trump also suggested that Bitcoin reaching the $100,000 milestone could be a stepping stone to even higher price targets. He confidently predicted that the cryptocurrency could eventually achieve a valuation of $1 million, stating, “I’m confident it’s going to hit $1 million. I think we are all confident in this room that it will hit $1 million.”
Current Market Dynamics
At the time of writing, Bitcoin is trading around $96,000, having fluctuated over the past five days between its current levels and near the $100,000 mark, which serves as a significant resistance point for its price.
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