Bitcoin’s price has surged over 50% since Donald Trump’s election victory on November 5. The world’s largest cryptocurrency briefly hit $106,000 before settling around $104,500 in Monday’s Asian trading session.
Trump’s Pro-Crypto Policies Boost Investor Confidence
The Trump administration’s pro-cryptocurrency stance is driving Bitcoin’s rapid rise. Trump’s proposal for a national Bitcoin reserve has fueled market excitement. Investors expect friendlier policies than those under Biden’s administration.
Peter McGuire from XM.com described the rise as “parabolic,” fueled by FOMO—fear of missing out. He believes Bitcoin could hit $120,000 this year and $150,000 by mid-2025.
Key Appointments Signal a Crypto-Friendly Shift
Trump’s choice of David Sacks as his AI and cryptocurrency advisor signals stronger support for crypto adoption. Sacks, a former PayPal executive and close ally of Elon Musk, is seen as a major industry advocate.
Paul Atkins, a pro-cryptocurrency attorney, is Trump’s pick to head the U.S. Securities and Exchange Commission (SEC). Atkins’ appointment is expected to ease crypto regulations. Current SEC chair Gary Gensler announced his resignation effective January 20, the day of Trump’s inauguration.
Gensler’s resignation follows Trump’s promise to remove him for his tough stance on cryptocurrency firms. “I thank President Biden for entrusting me with this role,” Gensler said on X, as he announced his exit.
Investors predict Bitcoin’s price will keep climbing, driven by regulatory changes and Trump’s crypto-friendly leadership. Many believe this shift will sustain the bullish momentum and increase market confidence in the months ahead.
