Emily Walker
As President-elect Donald Trump prepares for his inauguration on January 20, the cryptocurrency market is witnessing a remarkable upswing, with Bitcoin achieving an unprecedented high of $104,000 on December 5.
This growth, nearly 50% since the election, has raised hopes for a new regulatory landscape for cryptocurrencies in the U.S. Insiders suggest Trump’s goal is to see Bitcoin hit $150,000 during his second term.
The ‘Trump Trade’ Concept
A recent AXIOS report highlights Trump’s vision of a “golden age for America,” with the rise of cryptocurrencies integral to this narrative. The “Trump trade” represents a strategy pursued by investors focusing on sectors like oil, finance, and cryptocurrencies.
Trump’s support for Bitcoin was showcased in a recent Truth Social post, where he congratulated Bitcoin holders on surpassing the $100,000 threshold with, “YOU’RE WELCOME!!!”
To create a supportive environment for cryptocurrencies, Trump appointed Paul Atkins, a proponent of the sector, as the head of the Securities and Exchange Commission (SEC).
Moreover, he chose David Sacks, a key member of the ‘PayPal Mafia,’ to take on the role of White House AI and crypto czar. Sacks’ assignment includes developing a legal framework that clarifies regulations for the crypto industry.
The growing importance of cryptocurrency was also illustrated in a segment from “60 Minutes,” revealing that crypto firms accounted for a third of all corporate donations to super PACs during the election.
This industry’s support was highly successful, achieving an 85% success rate among the 62 candidates backed, spanning both political parties.
Will Bitcoin Hit $150,000 Early In Trump’s Presidency?
Transition sources indicate that Trump plans to keep a close eye on Bitcoin prices, as he sees them as indicators of market vitality.
“To him, it’s like another stock market,” noted one insider, pointing to Trump’s ambition for Bitcoin to reach $150,000 early in his term.
Echoing this optimism, Eric Trump recently highlighted Bitcoin’s superiority over traditional assets such as real estate and gold.
He emphasized Bitcoin’s capped supply of 21 million coins, contrasting it with gold that can be further mined as prices rise. Eric stated, “Name another commodity that’s capped. Name another commodity that as prices go up, it’s not further exploited.”
In a bold claim, Eric Trump argued that reaching the $100,000 mark could open doors to even higher targets for Bitcoin, expressing confidence that the cryptocurrency could one day be valued at $1 million. He declared, “I’m confident it’s going to hit $1 million. I think everyone in this room believes it will.”
As of this writing, Bitcoin trades at approximately $96,000, with the price having fluctuated within the past five days between current levels and the significant $100,000 threshold, which is acting as a notable resistance point for the cryptocurrency.
Featured image from DALL-E, chart from TradingView.com