Donald Trump Claims Credit for Bitcoin Reaching $100K, Declares ‘You’re Welcome!’
The surge of Bitcoin [BTC] beyond $100,000 has sparked celebrations in the cryptocurrency community. Along with enthusiasts, President-elect Donald Trump has also stepped into the limelight, claiming that his influence led to BTC’s historic price rally.
Trump’s Reaction to Bitcoin’s Achievement
On December 5, Trump took to the Truth Social platform to share his excitement, stating,
“Congratulations to all Bitcoiners on reaching $100,000! You have me to thank for it!”
He further mentioned,
“Together, we will work towards making America great again!”
During his 2024 election campaign, Trump made several commitments to revamp the crypto landscape in the United States, instilling optimism within the community about BTC’s anticipated surge to $100k.
On December 5, Bitcoin surpassed this milestone, briefly surging to approximately $102,000. However, the excitement was short-lived as the digital currency experienced a pullback, currently trading at $97,905.96 after a 2% drop in the last 24 hours.
Trump’s Commitment to a Crypto-Friendly U.S.
Aligning with his pro-crypto stance, Trump had previously vowed to dismiss SEC Chair Gary Gensler. Recent developments indicate his dedication to reshaping U.S. crypto policies.
By appointing Paul Atkins, a renowned crypto advocate and former SEC Commissioner under President George W. Bush, as the new SEC Chairman, Trump is reinforcing his promises. Additionally, by assigning former PayPal COO David Sacks as the “White House A.I. & Crypto Czar,” Trump signals a significant shift in the country’s approach to digital currencies.
Trump’s actions underscore his determination to fulfill his pro-crypto commitments, indicating a shift towards a more crypto-friendly environment within the U.S.
However, as the 2024 election cycle unfolds, some analysts foresee a potential slowdown in market momentum. Historical trends and research from Bloomberg and Macrobond Financial suggest that while U.S. markets, including Bitcoin, often witness a surge following presidential elections, the rally tends to lose steam after the new president takes office.
Therefore, a pertinent question arises – Will Bitcoin experience a substantial correction post-Trump’s inauguration on January 20, 2025?