- Bitcoin reached an all-time high of $109,241 ahead of Donald Trump’s inauguration, fueled by his support for deregulating the cryptocurrency sector and his launch of the $TRUMP coin.
- This surge follows Trump’s shift from criticizing cryptocurrencies to advocating for them, contributing to a wave of optimism in the crypto market.
Bitcoin, the world’s leading cryptocurrency, has made headlines once again, reaching an all-time high of $109,241, just ahead of Donald Trump’s inauguration. The digital currency’s meteoric rise has sparked intense speculation about the future of crypto under the new U.S. president. Here’s why Bitcoin is breaking records and what it means for the cryptocurrency landscape.
A Historic Surge
On January 20, 2025, Bitcoin surged to a record-breaking price of $109,241, before settling at $107,765 by 0740 GMT. This remarkable jump comes in the wake of Trump’s victory in the November 2024 U.S. presidential election, sparking a wave of optimism in the crypto world. Since Trump’s win, Bitcoin has seen impressive growth, surpassing $100,000 for the first time in December 2024. Many crypto enthusiasts attribute this rally to Trump’s plans to ease regulations around cryptocurrencies.
Trump’s Shift in Stance: From Critic to Advocate
While Donald Trump was once vocal about his dislike for cryptocurrencies, even labeling them a “scam,” his views have notably shifted since his election campaign. Throughout the election period, Trump emerged as a strong advocate for the crypto sector. He further fueled confidence when he nominated Paul Atkins, a cryptocurrency supporter, to lead the U.S. securities regulator.
In a surprising move, Trump launched his own cryptocurrency, $TRUMP, which quickly gained traction. The market capitalization of $TRUMP surged to several billion dollars, sending shockwaves through the cryptocurrency market. Trump even celebrated Bitcoin’s milestone, tweeting: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
The Rise of Cryptocurrencies and the Road Ahead
Bitcoin was first introduced in 2008 by an anonymous entity under the name Satoshi Nakamoto. It was designed as a decentralized digital currency, free from the control of central financial institutions. Bitcoin mining, the process through which new coins are created, requires significant computational power, which has led to concerns about its environmental impact.
While Bitcoin has become increasingly popular, it has also faced criticism for its association with illegal activities. The currency has often been linked to money laundering, ransomware attacks, and transactions on the dark web. Nevertheless, its growing acceptance, along with Trump’s new stance, suggests that cryptocurrencies may become a more integral part of the global financial system in the coming years.
With Trump’s administration signaling a more crypto-friendly approach, the future of Bitcoin and other cryptocurrencies appears promising, but it remains to be seen how the new regulations will shape the industry.
