As President-elect Donald Trump gets closer to his inauguration on January 20, the cryptocurrency market has seen a huge surge, with Bitcoin reaching new highs. the highest amount is $104,000 December 5.
This increase, which is almost 50% since the election of Trump, has raised the expectation of a new era of crypto regulations in the United States. Sources close to Trump indicate that he intends for Bitcoin to reach the milestone of $150,000 during his second term in office.
The ‘Trump Trade’
According to a recent report from AXIOS, Trump has promised a “golden age of America,” and the rise of cryptocurrencies is seen as part of this vision. “Trump trade,” a term used by investors using the new administration, includes sectors such as oil and gas, financial services, and crypto.
Trump’s enthusiasm for Bitcoin was evident in a recent post on Truth Socialwhen he congratulated Bitcoin investors on reaching $100,000, saying, “YOU ARE WELCOME!!!”
With an eye on promoting a crypto-friendly environment, Trump has the nominee Paul Atkins, a well-known lawyer for the industry, as chairman of the Securities and Exchange Commission (SEC).
Additionally, you chose David Sacksa prominent figure from the “PayPal Mafia,” who will serve as White House AI and crypto czar. Sacks has been tasked with creating a legal framework that provides the clarity the crypto industry has been longing for.
The growing influence of the cryptocurrency sector was also highlighted in the “60 Minutes” segment, which revealed that crypto companies contributed one-third of all direct corporate donations to super PACs during the election.
The industry’s endorsement of candidates has been remarkably successful, with an impressive 85% win rate among the 62 politicians it has endorsed, Republicans and Democrats.
Will Bitcoin Reach $150,000 By The Start Of His Presidency?
Transitional sources indicate that Trump will closely monitor Bitcoin’s price movements, viewing it as an important indicator of market health.
“It’s another market for his shares,” said another source, emphasizing Trump’s desire for Bitcoin to reach the ambitious goal of $150,000 at the start of his presidency.
Adding to the bullish sentiment, Eric Trump recently revealed confidence in the benefits of Bitcoin over traditional assets such as real estate and gold.
Donald Trump’s son highlighted Bitcoin’s fixed supply of 21 million coins as a key factor driving its value, compared to gold, which can be mined continuously as prices rise. Eric Trump said, “Name another asset that’s consolidated. Name another asset as prices go up, it’s not exploited anymore.”
In a surprising statement, Eric Trump suggested that the milestone of Bitcoin hitting $100,000 could pave the way for an even bigger one. target values.
He expressed his hope that the cryptocurrency could eventually reach $1 million, saying, “I’m sure it will reach $1 million. I think we’re all confident in this room that it will reach $1 million.”
At the time of writing, the main cryptocurrency of the market is trading around $96,000, it has fluctuated in the last 5 days between the current trading levels and close to the $100,000 mark, which currently acts as an important barrier for the value of Bitcoin.
Featured image from DALL-E, chart from TradingView.com
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