Donald Trump, the incoming president, is not wasting any time in claiming that bitcoin’s price has increased and that its owners are becoming richer.
Early on Thursday, Trump posted on his Truth Social platform: “BRAVO, BITCOINERS! One hundred thousand dollars! YOU’RE WELCOME! We will work together to restore America’s greatness.
The cryptocurrency hovered in the $90,000 level for several weeks before hitting the six-figure milestone late Wednesday. Following Trump’s resounding victory in the November election, the price of bitcoin skyrocketed, increasing by $20,000 from roughly $68,318 in just seven days.
It’s up over 130% so far this year.
Supporters of cryptocurrencies are not contesting the notion that Trump should take some of the credit for the most recent price increase.
“President Pump is his name. In a post on X, David Bailey, CEO of the Bitcoin Conference and Bitcoin Magazine, stated, “Up only.”
Trump’s most recent cabinet appointment has also given the crypto community more confidence. Trump said on Wednesday that Paul Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before” when he was nominated to lead the Securities and Exchange Commission.
Atkins is the head of Patomak Global Partners, an advising firm for financial services that also serves clients in the cryptocurrency sector. Additionally, he advises the Chamber of Digital Commerce, a body that advocates for cryptocurrency.
Atkins has contributed to the creation of a set of best practices for regulating cryptocurrency through his work with The Digital Chamber’s Token Alliance.
Fans of digital tokens have attacked outgoing SEC Chair Gary Gensler’s administration for adopting a harsh stance on the cryptocurrency community.
Jake Chervinsky, chief legal officer of financial technology company Variant, commented, “It’s hard to convey the magnitude of the shift we’re likely to see at an SEC run by Paul Atkins.” Without the looming threat of ambiguity or animosity from US authorities, cryptocurrency has essentially never existed. Before a new era of cryptocurrency, there is a regulatory singularity at this time.
An incoming administration that is fully committed to cryptocurrency is completed with Atkins’ selection.
According to Forbes, Scott Bessent, Trump’s choice for Treasury Secretary, had emphasized the advantages of digital assets in an interview with Fox Business earlier this year.
“The crypto economy is here to stay, and crypto is about freedom,” Bessent stated. “Young individuals who have never participated in markets are being drawn in by cryptocurrency.
Forbes also mentioned Bessent’s prior investments in decentralized finance (DeFi) projects and blockchain firms.
Vice President-elect J.D. Vance, Robert F. Kennedy Jr., the nominee for Health and Human Services, and Howard Lutnick, the nominee for Commerce Secretary, are among the other members of the incoming Trump administration who have previously shown support for and interests in cryptocurrencies.
A key component of Trump’s presidential campaign was his pursuit of cryptocurrency. He was the keynote speaker at a Bitcoin Conference in Nashville this summer. Trump promised to make America “the crypto capital of the planet” if elected, despite admitting that he doesn’t fully grasp how crypto technology operates.
Trump stated at the time, “We will have regulations, but going forward, the rules will be written by people who love your industry, not hate it.”
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