Bitcoin Nears $100,000 Amid Pro-Crypto Momentum Under Trump Presidency

Decoding the World of Cryptocurrency: A Comprehensive Guide, Bitcoin

Key Points

  • Bitcoin neared $100,000 following Trump’s election and a pro-crypto sentiment in the U.S. government.
  • Trump’s plans to replace SEC Chair Gary Gensler and encourage cryptocurrency adoption have boosted confidence.
  • U.S.-listed bitcoin ETFs have attracted over $4 billion, enabling greater institutional participation.
  • Analysts liken Bitcoin’s rise to gold’s rally in the 1970s, signaling growing market acceptance.

Bitcoin surged close to $100,000 on Thursday, propelled by optimism surrounding President-elect Donald Trump’s crypto-friendly stance. The cryptocurrency touched $99,073, marking a nearly 40% increase since Trump’s election and doubling its value for the year.

Trump’s administration has promised a favorable regulatory environment for cryptocurrencies, branding the U.S. as the “crypto capital of the planet.” His plans include replacing current SEC Chair Gary Gensler, an industry critic, and bolstering the sector with initiatives like his new venture, World Liberty Financial, unveiled in September. Although details remain vague, Trump’s interest has fueled investor confidence.

Billionaire Elon Musk, a vocal Trump ally and cryptocurrency advocate, has also contributed to amplifying positive sentiment. Market analysts believe Bitcoin is on the brink of mainstream acceptance, with many early adopters reaping substantial rewards. “Everyone who’s bought bitcoin at any point in history is currently in profit,” noted Alicia Kao, managing director of crypto exchange KuCoin.

Bitcoin’s rapid recovery from a low of $16,000 in late 2022 has been bolstered by January’s approval of U.S.-listed bitcoin exchange-traded funds (ETFs). These ETFs have attracted over $4 billion in investments, opening avenues for institutional investors to gain exposure to bitcoin. The launch of options on BlackRock’s ETF this week, particularly call options, underscored growing confidence in the market.

Joe McCann, CEO of Asymmetric, a Miami-based digital assets hedge fund, predicts $100,000 is “a foregone conclusion.” Similarly, John LaForge from Wells Fargo likened Bitcoin’s ascent to gold in the 1970s, stating that it is entering “price discovery mode.”

However, bitcoin’s rise is not without controversy. The cryptocurrency industry has faced criticism for its energy-intensive mining processes, environmental impact, and concerns over crypto-related crime. Research from Chainalysis reveals at least $24.2 billion in illicit crypto transactions last year, linked to scams, terrorism financing, and sanctioned entities.

While the collapse of FTX in 2022 and the conviction of its founder, Sam Bankman-Fried, dealt a significant blow to the sector’s credibility, bitcoin’s resilience has reignited enthusiasm, with some viewing its growth as a turning point for the digital asset.

EDITORIAL TEAM
EDITORIAL TEAM
TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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