Bitcoin Surges Towards $100,000 on Trump’s Pro-Crypto Stance
Bitcoin is nearing the $100,000 mark, fueled by speculation that President-elect Donald Trump’s second term will bring a more favorable regulatory environment for cryptocurrencies, Al Jazeera reports.
The digital currency reached a high of $99,073 on Thursday, continuing a rally that began after Trump’s reelection on November 5th. Since then, Bitcoin’s value has increased by over 60 percent.
Investors are betting that Trump’s administration will ease regulatory hurdles hindering Bitcoin adoption. This optimism contrasts with Trump’s previous characterization of Bitcoin as a “scam” during his first term. However, his recent actions suggest a shift in his perspective. He accepted cryptocurrency campaign donations and pledged to make the US “the crypto capital of the planet,” even proposing the creation of a national Bitcoin reserve. Further bolstering investor confidence, Trump and his sons launched their own crypto venture, World Liberty Financial, in September.
Adding to the positive sentiment, Gary Gensler, the SEC chair known for his aggressive anti-crypto enforcement actions, announced his resignation, effective January. This news was widely welcomed by crypto investors.
Despite the current surge, Bitcoin and other cryptocurrencies are notorious for their volatility and have faced government crackdowns globally. After reaching a record high of $69,000 in late 2021, Bitcoin plummeted to below $16,000 the following year. The recent surge surpasses its previous peak, marking a more than 300 percent increase since November 2022.
