As President-elect Donald Trump approaches his inauguration on January 20, the cryptocurrency market has seen a major boom, with Bitcoin reaching a record high. All-time high of $104,000 On December 5th.
This increase, nearly 50% since Trump’s election, has raised expectations of a new era of cryptocurrency regulation in the United States. Sources close to Trump indicate that he is aiming for Bitcoin to hit the $150,000 milestone during his second term.
“Trump trade”
According to a recent report from AXIOS, Trump promised a “Golden Age of America,” and the rise of cryptocurrencies is seen as part of this vision. The “Trump trade,” the term used by investors who benefit from the new administration, includes sectors such as oil and gas, financial services and cryptocurrencies.
Trump’s enthusiasm for Bitcoin was evident in… Last post on social truthwhere he congratulated Bitcoin investors on reaching the $100,000 mark, declaring: “Welcome!!!”
As he looked to promote a crypto-friendly environment, Trump did just that specific Paul Atkins, a well-known industry advocate, as Chairman of the Securities and Exchange Commission (SEC).
In addition, he chose David Sacksa prominent figure from the “PayPal Mafia”, to serve as the AI and cryptocurrency czar in the White House. Sacks was tasked with creating a legal framework that would provide the clarity that the cryptocurrency industry has long sought.
The growing influence of the cryptocurrency sector was also highlighted in a “60 Minutes” segment, which revealed that cryptocurrency companies contributed a third of all direct corporate donations to super PACs during elections.
Industry support for candidates was remarkably successful, with a win rate of 85% among the 62 politicians supported by the industry, both Republicans and Democrats.
Will Bitcoin reach $150,000 early in his presidency?
Transition sources indicate that Trump will closely monitor Bitcoin price movements, viewing them as an important indicator of the market’s health.
“It’s another stock market for him,” one source noted, confirming Trump’s desire for Bitcoin to reach the ambitious $150,000 goal early in his presidency.
Adding to the bullish sentiment, Eric Trump recently Express Confidence in the advantages of Bitcoin compared to 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, comparing it to gold, which can be mined more heavily as prices rise. Eric Trump stated, “Name another good that is capped. Name another good that is not being exploited more as prices go up.”
In a striking assertion, Eric Trump suggested that the psychological milestone of Bitcoin hitting $100,000 could pave the way for further growth. Price targets.
He expressed optimism that the cryptocurrency might eventually reach $1 million, saying: “I’m confident 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 major cryptocurrency is trading in the market at around US$96,000, having fluctuated over the past five days between current trading levels and near the US$100,000 mark, which is currently acting as a major barrier to the Bitcoin price.
Featured image of DALL-E, chart from TradingView.com