As President-elect Donald Trump's inauguration on January 20 approaches, the cryptocurrency market has experienced substantial gains, with Bitcoin reaching an all-time high of $104,000 on December 5.
Since Trump's election, Bitcoin's price has risen nearly 50%, sparking expectations of a new era in U.S. cryptocurrency regulation. Sources close to Trump indicate that his goal is to reach a milestone of $150,000 for Bitcoin's price during his second term.
Trump Trade
According to the latest reports from AXIOS, Donald Trump has promised to usher in a 'golden age for America', with the rise of cryptocurrency seen as an important component of achieving this vision. The term 'Trump Trade' is becoming a hot topic in the market, covering key areas such as oil and gas, financial services, and cryptocurrency.
Trump's recent statements on Truth Social clearly conveyed his enthusiasm for Bitcoin. He congratulated Bitcoin investors on reaching the $100,000 milestone and humorously responded, 'You’re welcome!!!' This move further solidified his image as a Bitcoin supporter.
Moreover, the Trump administration has created a more favorable environment for the cryptocurrency industry. For example, he appointed well-known cryptocurrency advocate Paul Atkins as the chairman of the U.S. Securities and Exchange Commission (SEC). Atkins is known for supporting innovation and deregulation, and this appointment is seen as a significant victory for the cryptocurrency industry.
Trump also appointed David Sacks, a core member of the 'PayPal Mafia', as the White House's czar for artificial intelligence and cryptocurrency. Sacks's main task is to establish a clear legal framework for the cryptocurrency industry to attract more investment and promote long-term development in this field.
In the recent elections, the cryptocurrency industry demonstrated its strong political influence. Reports suggest that cryptocurrency companies contributed one-third of the total corporate direct donations to Super PACs. This large-scale political donation has granted candidates supported by the cryptocurrency industry a winning rate of up to 85%, proving the industry's importance in shaping policy direction.
Trump's support for cryptocurrency and related policies may impact the market in the following ways:
Attracting more institutional investors: Clarification of policies may eliminate the uncertainty that has long troubled the market.
Promoting innovation: Looser regulation and policy support for cryptocurrency and blockchain technology will attract more startups to the field.
Enhanced market confidence: Trump's strong support may drive the prices of Bitcoin and other cryptocurrencies further up, especially after policies are implemented.
This series of actions indicates that the U.S. cryptocurrency industry may enter a significant growth phase in the coming years, aligning with the vision of a 'golden age'.
Will Bitcoin reach $150,000 during his early presidency?
As Donald Trump re-enters the presidency, his focus on the Bitcoin market may significantly impact its price trends. Sources indicate that Trump sees Bitcoin as a key indicator of market health and hopes to push Bitcoin's price to $150,000 in the early stages of his term.
Donald Trump's son Eric Trump has also expressed strong recognition of Bitcoin. He particularly noted the fixed supply of Bitcoin (21 million coins) contrasts sharply with traditional assets like gold, which can increase supply through mining. He emphasized this feature as a key advantage of Bitcoin as a store of value and investment tool.
Eric further stated that Bitcoin breaking the $100,000 psychological barrier would lay the groundwork for higher price targets in the future. He is optimistic that Bitcoin could reach $1 million and stated, 'We are confident that Bitcoin will eventually reach $1 million.' This position reflects the Trump family's high hopes for Bitcoin's long-term potential.
The Trump administration may view cryptocurrency, particularly Bitcoin, as an important symbol of economic innovation and market vitality. His optimistic goals and Eric's public support may attract more investors and institutions to the Bitcoin market.
As Bitcoin's price recently approaches $100,000, the Trump family's statements could further boost market sentiment. Especially if Trump's policies are related to promoting cryptocurrency innovation and adoption, this could have a positive medium-to-long-term impact on Bitcoin's price.
As of this writing, the trading price of major cryptocurrencies is about $96,000, fluctuating around this level and the $100,000 mark over the past five days, which has become a significant barrier for Bitcoin's price.
