As President-elect Donald Trump approaches his inauguration on January 20, the cryptocurrency market has seen a significant rise, with Bitcoin reaching a all-time high of $104,000 on December 5th.
This increase, of almost 50% since Trump’s election, has raised expectations of a new era for crypto regulations in the United States. Sources close to Trump indicate that his goal is for Bitcoin to reach a milestone of $150,000 during his second term.
The ‘Trump trade’
According to a recent report from AXIOS, Trump has promised a “golden age of America” and the rise of cryptocurrencies is seen as part of this vision. The “Trump trade,” a term used by investors taking advantage of the new administration, spans sectors such as oil and gas, financial services and cryptocurrencies.
Trump’s enthusiasm for Bitcoin was evident in a recent post on Truth Socialwhere he congratulated Bitcoin investors on reaching the $100,000 mark and declared, “WELCOME!!!”
With a view to fostering a favorable environment for cryptocurrencies, Trump has fixed Paul Atkins, a well-known industry advocate, as chairman of the Securities and Exchange Commission (SEC).
Furthermore, you have selected David Sacosa leading figure in the “PayPal mafia,” to serve as the White House’s AI and cryptocurrency czar. Sacks is tasked with establishing a legal framework that provides the clarity the crypto 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 one-third of all direct corporate donations to super PACs during the election.
The industry’s endorsement of candidates was remarkably successful, with an impressive 85% win rate among the 62 politicians it supported, both Republicans and Democrats.
Will Bitcoin reach $150,000 early in his presidency?
Transition sources indicate that Trump will closely monitor Bitcoin price movements, considering them an important indicator of the market’s health.
“It’s another stock market for him,” noted one source, emphasizing Trump’s desire to see Bitcoin reach the ambitious goal of $150,000 at the start of his presidency.
Adding to the bullish sentiment, Eric Trump recently voiced Confidence in the advantages of Bitcoin over 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, in contrast to gold, which can be mined more as prices rise. Eric Trump stated: “Name another commodity that has a cap. Name another product that, as prices rise, will not be exploited further.”
In a surprising claim, Eric Trump suggested that the psychological milestone of Bitcoin reaching $100,000 could pave the way for even greater growth. price targets.
He expressed optimism that the cryptocurrency could eventually reach $1 million, stating: “I am sure it will reach $1 million. “I think everyone in this room is confident that it will reach $1 million.”
At the time of writing, the market’s top cryptocurrency is trading around $96,000, having fluctuated over the previous 5 days between current trading levels and near the $100,000 mark, which is currently acting as a major barrier to the Bitcoin price.
Featured image of DALL-E, chart from TradingView.com
